|By Marketwired .||
|May 19, 2014 08:31 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 05/19/14 -- Wiless Controls Inc. (OTCQB: WILS) is pleased to announce that it has concluded a reverse merger agreement with Crio Inc.(http://www.criobru.com/) of Lindon, UT. Under the terms of the agreement, Crio Inc. will acquire 75% of the Company's outstanding equity through a share exchange, as well as gain operational control of the Company. Wiless will spin-off its past operations in order for Crio to be able to concentrate on its business plan.
"Access to the public market will completely change the dynamic of our company," said Nick Hanson, Crio Chairman and Co-CEO. "Although Crio has grown exponentially since its inception just a few of years ago, it has done so strictly with internal funds and its own cash flow. Easier access to capital should push our growth to new heights, enabling us to fill the existing demand and accelerate our marketing push."
"This change of control will give our shareholders access to the reward that we no longer could foresee with our former business plan," said Michel St-Pierre, CEO of Wiless. "Crio's acclaimed product, its past record of growth and the quality of its management all but assures us that."
About Crio Inc.
Crio Inc. was built around a revolutionary new product created by Dr. Eric Durtschi - brewed cocoa - globally recognized as a healthy alternative to coffee. Crio is the first company to introduce brewed cocoa to traditional retail channels - grocery stores, coffee shops, online stores - and has established wholesale and distributor relationships worldwide. Crio looks to capitalize on the untapped market of brewed cocoa and its other products, as the first alternative to coffee and tea in the $62 Billion U.S. market.
Crio Inc., a Utah corporation incorporated on October 12, 2010, was formed to exploit innovations to the cocoa brewing process developed by its founders and to create and develop a market for a healthy alternative beverage to coffee and tea.
FORWARD-LOOKING-STATEMENT: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, Wiless Controls Inc. and Crio Inc. results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release, and the companies undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.