NuState Announces Sale of Majority Share of Company; Raises $1 Million to Fund New Revenue Generating Businesses
(PRWEB) October 15, 2014 -- NuState Energy Holdings, Inc. (NSEH) announced today it has sold majority interest in the company for $1 million and has moved forward with a change in control of the company, effective Oct. 10, 2014. Thomas Murphy has been appointed Chairman of the Board and Kevin Yates remains as CEO and President. Mr. Murphy’s most recent business focus has been working with public companies in turnaround situations and establishing new entities. He has been creating private placement memorandums (PPMs) and other legal documentation for private and public companies for many years.
Tom Murphy affirms, “Accepting the responsibility of Chairman of the Board of a 21st Century U. S. Public Company that trades on the OTC market is not an easy decision. I elected to accept the position because of the opportunity to work with Kevin Yates, who has proven to be a good leader for the company. His talent, intelligence and hard work have helped the company to survive and brought it to its present position. We intend to generate increased value to our long term and short term shareholders, employees, independent contractors and other valued stakeholders.”
Murphy and Yates’ first priority is to restructure the company in order to build upon the vision of the new investment team. NuState must first complete the required filings of the SEC this year to become a fully reporting company again, and return to the OTCQB. This work has begun with the recent agreement with the company’s auditor and should be completed within 90 days.
NuState is now a holding company for the formation of new subsidiaries to accommodate the diverse business opportunities it has generated. These markets include the transportation industry through the use of its current intellectual property and planned acquisitions, bio-tech with new joint ventures in the works for global distribution and a medical technology group relating to the previous work of Mr. Yates with the Veterans Administration.
NuState recently signed a LOI with the Ronn Motor Group of the United States and China that will enable NuState to build a foundation in the transportation business through the use of its intellectual property, GPStrax. The company plans to build upon this new agreement to launch a revenue generation plan with its existing customer base in the fleet management and trucking industry. NuState has had a long history in this space and has begun to re-establish relationships with some large fleet management companies. Once the definitive agreement is signed with the Ronn Motor Group by the end of November, NuState anticipates generating a revenue stream in the first quarter of 2015, including a license agreement and royalty agreement on every automotive install. Testing will begin later this year, with the first automotive installation slated for the first quarter of 2015.
Over the past several weeks, NuState has begun discussions with a bio-tech company about an exclusive arrangement to label and distribute its products globally through an e-commerce web site for direct sales. NuState is also interested in licensing the technology for the development of additional manufacturing plants worldwide. The company manufactures products used for medicinal purposes and increased health benefits.
NuState is keenly interested in the medical technology field due to the knowledge and experience of Yates in working with the Veterans Administration and in the commercial healthcare space. Yates’ recent work with PocketMD, as its president and co-owner, supports the launch of a subsidiary in this space.
Yates contends, “With the recent signing of the VA reform bill by President Obama, this opens the door for us to assist veterans and ensure they receive the timely care they deserve through new technology. We plan to work with Service Disabled Owned Businesses to develop applications that will also help ensure the veterans receive timely care and proper security of their health records.”
PocketMD was a visionary product used within the walls of the VA to assist physicians with the completion of their patient rounds. With the lessons learned from these applications, NuState can implement solutions outside the VA to help both veterans and other patients. The software itself has the capability of tracking the progress and care of patients from admission to discharge, tracking treatment plans for patients with rare conditions including infectious diseases such as Ebola Virus Disease (EVD) and integrating this data with existing ancillary systems. The application gives the clinician the ability to prioritize and change protocol when treating patients with infectious diseases like Ebola. This would be an invaluable tool when confronted with such an outbreak and could assist medical staffs in providing care in a safer and more efficient manner.
NuState is going to match its new vitality with an increased focus on marketing, social media and investor communications, which will allow its shareholders and the entire industry to share in and be made fully aware of its success. The company’s new web site is set for release soon. Kevin Yates’ new Twitter account is Yates@nsehinc.
About NuState
NuState Energy Holdings, Inc. has traditionally been a technology company specializing in providing pertinent, real-time information to the worldwide transportation and security industries. The new NuState will become a holding company for many diversified and profitable business subsidiaries.
For more information about NuState, call (803) 748-1309. NuState is located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.
MEDIA CONTACTS:
Kevin Yates, NuState Energy Holdings, 803/748-1309
Gary Bitner, Bitner Goodman Public Relations, 954/849-9201
Gary Bitner, Bitner Goodman, http://bitnergoodman.com/, +1 (954) 849-9201, [email protected]
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