Represents Key Step in Path to Entering the Public Markets
CAMPBELL, Calif., April 20, 2023 /PRNewswire/ -- Zircon Corporation today announced it has entered into a merger agreement with Harmony Energy Technologies Corp. ("Harmony"). The combined company will do business under the name Zircon and will be centered on leveraging Zircon's sensor-based, ASIC processor technology and patent portfolio, to accelerate growth by expanding its electronic hand-tool product line, entering new markets globally and launching a data, IP and technology licensing business.
Harmony is a U.S. Securities and Exchange Commission (SEC) reporting company. Zircon expects its merger with Harmony will allow it to accelerate the process of accessing the U.S. capital markets as a publicly traded company.
With a 46-year history, Zircon is centered on building on its leadership in designing and developing innovative hand tools and maintaining a dominant market share.
The Company's multi-faceted strategy spans new product development, entry into adjacent markets, global expansion and data, IP and technology licensing. Leveraging its technology and manufacturing resources, Zircon believes it is well-positioned to capitalize on the growing need for advanced construction tools across multiple industries including commercial building, government infrastructure, and building information modeling.
"Backed by our talented team, proprietary technology and state-of-the-art manufacturing facilities, we believe we have ample opportunity to expand our business and deliver profitable growth," commented John Stauss, Chief Executive Officer of Zircon. "Through this merger and a subsequent public listing, we strengthen our ability to execute on our growth plan and move forward with new technological solutions to a wider range of global markets."
The merger closed on April 14, 2023.
Pickwick Capital Partners LLC acted as the exclusive financial advisor to Zircon. Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel to Zircon. Anthony L.G., PLLC acted as legal counsel to Harmony.
Zircon Corporation, manufacturer of the original StudSensor™ stud finder, is a Silicon Valley-based company established and operating in Northern California since 1977. Dedicated to delivering innovative, affordable, and easy-to-use technology to the world's toolboxes, Zircon patented technology drives the design, manufacture, and marketing of high-tech electronic hand tools, saving do-it-yourselfers and professional tradesmen time and money. Zircon® StudSensor™ stud finders, MultiScanner® wall scanners, MetalliScanner® metal detectors, and electronic scanning, water detection, and leveling tools can be found worldwide throughout the Americas, Europe, Asia, Australia, and New Zealand. For more information, visit https://www.zircon.com.
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SOURCE Zircon Corporation