CORONA, Calif. , Oct. 20, 2020 /PRNewswire/ -- On October 9, 2020 , Medtainer, Inc. (MDTRD) consummated an exchange agreement with California -based Advanced Container Technologies, Inc. ("ACT") and its shareholders under which these shareholders exchanged their shares in ACT for 50,000,000 shares of Medtainer's common stock. As a result, ACT has become the wholly owned subsidiary of Medtainer. In connection with this transaction, Medtainer, which is a Florida corporation, changed its name to Advanced Container Technologies, Inc., effective October 3, 2020 , and its trading symbol to ACTX, effective 20 business days after October 9 . On October 8, 2020 , the outstanding shares of Medtainer's common stock were reverse-split on the basis of one new share for every 59 shares outstanding. Medtainer now has 51,001,860 shares outstanding, which are held by 427 shareholders.
On August 6, 2020 , ACT and GP Solutions, Inc. ("GP"), of Colton, California , entered into a Distributorship Agreement, under which ACT has the exclusive right to market, sell and distribute GP's products in the United States and its territories. This agreement has an initial term that expires on December 31, 2025 , and is renewable indefinitely as long as ACT meets prescribed sales targets. GP manufactures fully insulated, food-grade shipping containers that are specifically modified to provide an optimal controlled environment for growing a wide range of horticultural and agricultural products in all environments and climates. The containers can be used to grow large amounts products in a small volume and in a short period: for example, according to GP, 4,000 heads of romaine lettuce can be grown in a single container in less than 5 weeks.
Medtainer entered into the exchange agreement because its board of directors believed that the company needed to expand its product base and become profitable. Douglas P. Heldoorn , the chief executive officer of Medtainer and a member of its board of directors, stated: "Our sales have been relatively flat for the past several years and the Company has a history of losses. We are delighted to have acquired ACT and believe that it offers an opportunity to expand our products, enter into a new market and increase shareholder value."
On October 9 , Daniel Salinas , of Broken Arrow Oklahoma and Eric Horton , of San Diego California , were appointed to the board of directors, following the resignations of Russell Ward and Jeffory A. Carlson , and Mr. Carlson was appointed chief financial officer of Medtainer.
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SOURCE Advanced Container Technologies, Inc.