Odyne Corporation was originally formed as a Subchapter S Corporation in the State of New York on August 3, 2001. We design, develop, manufacture and install Plug-in Hybrid Electric Vehicle propulsion systems for medium and heavy duty trucks and buses using our proprietary technology.
Pursuant to an Agreement of Merger and Plan of Reorganization (the "Merger Agreement"), Technology Integration Group, Inc. ("TIG"), through a newly-formed acquisition subsidiary, acquired all of our outstanding common stock on October 17, 2006. TIG, in exchange for our common stock issued 12,000,000 of its common stock directly to our stockholders (the "Share Exchange Transaction"). Following the Share Exchange Transaction, the existing stockholders of TIG retained 6,000,000 shares of the TIG's outstanding common stock and our stockholders became the majority owners of TIG.
Pursuant to an Agreement of Merger and Plan of Reorganization (the "Merger Agreement"), Technology Integration Group, Inc. ("TIG"), through a newly-formed acquisition subsidiary, acquired all of our outstanding common stock on October 17, 2006. TIG, in exchange for our common stock issued 12,000,000 of its common stock directly to our stockholders (the "Share Exchange Transaction"). Following the Share Exchange Transaction, the existing stockholders of TIG retained 6,000,000 shares of the TIG's outstanding common stock and our stockholders became the majority owners of TIG.
Prior the Share Exchange Transaction, TIG was a publicly-traded corporation with nominal operations. TIG, immediately following the Share Exchange Transaction, changed its name to Odyne Corporation and continued to carry on the operations our company. The Share Exchange Transaction has been accounted for as a reverse merger and recapitalization transaction in which the original Odyne is deemed to be the accounting acquirer.
