CHICAGO, Dec. 10, 2015 (GLOBE NEWSWIRE) -- Hydrophi Technologies Group, Inc., (OTC:HPTG) ( “Company”, “we,” “us,” or “our”) announced today that it completed the transaction to purchase, all of the outstanding stock of Pro Star Freight Systems Inc. and Pro Star Truck Center Inc. (collectively, “Pro Star”). The Pro Star purchase is an attempt to preserve and enhance shareholder value in light of ongoing challenges in the execution of the Company’s business mission to bring hydrogen on demand technology to older, mechanical injection vehicles. Hydrophi Technologies Group believes that the addition of the freight business well complements its technology business. “We are excited to bring our real world trucking experience to complement Hydrophi Technologies Group’s technology prowess,” stated Pro Star founder, Nikola Zaric.
Pro Star had unaudited management reported 2014 revenue of $27.3 million with net income of $660,000. Pro Star was purchased with a combination of cash, notes and preferred stock. For the complete terms of the transaction please see the Company’s most recent public filings.
Roger M. Slotkin, CEO and Chairman of HydroPhi Technologies Group, Inc., states when he visited Pro Star, he had the privilege of meeting and getting to know Mr. Zaric. “We believe the Pro Star business model, growth potential and significant expansion possibilities make this acquisition extremely prudent and should yield significant shareholder value.”
About Pro Star:
Pro Star is a Mid-Western based, long haul freight transportation company serving the continental United States. With dispatch operations in Bensenville, Illinois, Belgrade Serbia and Niš Serbia, and truck service centers in Indiana and Illinois, the company services and manages a fleet of around 150 trucks.
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Source:HydroPhi Technologies Group, Inc.