Hillcrest Petroleum (CSE: HEAT) this morning announced that it will be acquiring that of ANIGO Technologies in a transaction valued at roughly $1.55 million. The transaction will see Hillcrest acquire certain electric machine control software IP.
The transaction will see Anigo become a wholly owned subsidiary of Hillcrest, along with any IP currently held by the firm. The firm currently is focused on software that has been designed to be used with electric motors, generations, and other integrated power systems. The tech, as per the company, “has the potential to greatly enhance the performance of any application requiring precise control of rotating electric machines.”
The announcement related to the acquisition was notably filled with numerous buzzwords, with the company identifying market opportunities that include aeronautical applications, autonomous vehicles, controls for “renewably generated power,” traction control systems to extend EV range, and control software enhancements for use with items such as blockchain, IoT devices, and more.
The arrangement will also see Ari Berger, founder of Anigo, appointed as the Chief Technology Officer of Hillcrest, where he will lead R&D efforts along with the deployment of such related tech.
Anigo was acquired via the payment of $200,000 in cash and the issuance of 6.0 million Hillcrest shares, valued at $1.35 million as of yesterdays close.
Hillcrest Petroleum last traded at $0.225 on the CSE.