Not only will their loyalty be rewarded with ownership in Metamaterials, they will also retain full value in our oil and gas assets through the Special Dividend.' 'I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. 'META's management, led by George Palikaras has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customer's capabilities,' said Greg McCabe, Torchlights Chairman. This Proposed Transaction is the first step in that effort, providing our shareholders with access to the multi-billion-dollar target market and new applications that are being revolutionized with sustainable technologies, while allowing them to participate in the future upside from our oil and gas asset divestitures.' 'In order to unlock value potential from our national listing and access to the capital markets, we shifted some attention from the divestiture of our oil and gas assets to an acquisition strategy targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities. 'During the past six months the oil and gas market has softened due to the economic slowdown resulting from the pandemic,' stated John Brda, Torchlight's CEO. The combined entity will continue to service a clientele of world-class OEM customers for a range of applications in the automotive, aerospace and defense, energy, consumer electronics and medical markets. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market 1 as a global cleantech and technology leader. The Proposed Transaction represents a strategic shift for Torchlight. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. ('META') (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the execution of a non-binding letter of intent ('LOI', signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight's oil and gas assets for the benefit of Torchlight's legacy shareholders (the 'Proposed Transaction'). (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight') and Metamaterial Inc. PLANO, TX and HALIFAX, NS / ACCESSWIRE / Septem/ Torchlight Energy Resources, Inc. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing
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