ARMM Inc (OTCQB:ARMM) has announced that it has entered into a binding letter of intent with Arizona-based renewable and traditional energy provider Current Energy and Renewables Corp (CER) to combine CER with a subsidiary of ARMM.
The company said upon closing of the transaction, which is expected to occur in the second half of 2022, the combined entity would retain the name CER and be led by its current CEO David Coburn.
According to ARMM, CER provides small businesses, government agencies, and residential customers with competitively priced electricity and sustainability solutions.
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With the support of a multi-year credit facility from Boston Energy Trading and Marketing, CER is developing long-term Purchase Power Agreements in wind, solar, and storage as part of its energy transition strategy.
ARMM said it intends to carry out a spin-off of its firearms lifestyle platform and respective intellectual property (IP) through a wholly-owned subsidiary which will act as a holding company for ARMM’s platform and IP.
ARMM CEO Mark Lawson said the company’s existing shareholder base, including its single largest shareholder Clarion Finance Pte Ltd, had deep expertise within the full energy spectrum.
“Sustainability and renewable energy is a key part of the energy transition story at a juncture where we are at the doorstep of a global energy crisis,” he said.
Coburn added: “This strategic combination allows the company to leverage select ARMM shareholders who have created significant value within the global energy spectrum and help accelerate and expand CER's footprint within deregulated energy markets.”
ARMM is a firearms lifestyle platform focused on self-reliance and is disrupting the $52 billion consumer firearms and rugged outdoor recreational market.
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