Novagen Exits Transport Operations
August 19 2018 - 6:41AM
GOLD COAST, Australia, Aug. 19, 2018 (GLOBE
NEWSWIRE) -- Novagen Ingenium Inc. (OTC-Markets: NOVZ) today
announced changes to their transport operations.
Background:
On July 6, 2017 Novagen acquired all of the
issued and outstanding shares in Syndicated Transport &
Trucking Pty Ltd.
This event triggered Novagen’s entry into
transport operations. Transport and warehouse assets were supplied
by AmerYcan Finance and Leasing Pty Ltd (formally Novagen Finance
and Leasing Pty Ltd), which is a wholly owned subsidiary of Novagen
Ingenium Inc. that owns over 50 vehicles for leasing to transport
operators.
On August 28, 2017 Novagen entered into an
Operating Agreement for the Acquisition of Transport Assets with
Datspares-Toyaparts Pty Ltd. On execution of the Agreement by the
parties it was agreed by them that Datspares and Roadbees Linehaul
Pty Ltd (formally Roadbees Transport Pty Ltd) would begin joint
operations in transport and warehousing under the trading name of
Roadbees Transport.
On March 6, 2018, the Board of Directors
terminated the Operating Agreement for the Acquisition of Transport
Assets with Datspares-Toyaparts and on May 9, 2018 Novagen divested
Syndicated Transport & Trucking Pty Ltd exiting direct
transport operations.
Across the months of May, June and July of 2018,
the Board of Directors for Roadbees Linehaul Pty Ltd held
discussions with the Board of Directors of Novagen Ingenium, Inc.
with the focus of reaching agreement to continue transport
operations with transport and warehouse assets being supplied by
AmerYcan Finance and Leasing Pty Ltd.
On August 18, 2018 Novagen Ingenium, Inc.,
AmerYcan Finance and Leasing Pty Ltd and Roadbees Linehaul Pty Ltd
reached agreement and amended the Operating Agreement for the
Acquisition of Transport Assets dated the August 28, 2017.
Under the terms of the Amended Agreement,
AmerYcan Finance and Leasing Pty Ltd will continue supplying
transport and warehouse assets without charge until January 1, 2019
to Roadbees Linehaul Pty Ltd after which commercial terms for the
supply of transport and warehouse assets will be entered. In
exchange for the supply of transport and warehouse assets from
August 28, 2017 until January 1, 2019 Roadbees Linehaul Pty Ltd
will issue 25% of its capital undilute-able until January 1, 2024
and make every effort to list on the Australian Stock
Exchange.
About Novagen Ingenium Inc.
Novagen Ingenium, Inc. (OTC-Markets: NOVZ) is an
industrial company which is engaged in the development and
commercialization of new design geometric configuration engines,
precision engineering services and industrial supply services
including vehicle and labor supply to the transport industry.
Safe Harbor Statement
Statements made in this press release are forward-looking and are
made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. Risk factors that could cause actual
results to differ materially from those projected in
forward-looking statements include, but are not limited to, general
business conditions, managing growth, and political and other
business risks. All forward-looking statements are expressly
qualified in their entirety by this paragraph and the risks and
other factors detailed in Novagen’s reports filed with the
Securities and Exchange Commission. Novagen undertakes no duty to
update these forward-looking statements.
Contact; Micheal Nugent
Tel; +61 438158688
Cell; 310 994
7988
Email; mnugent@novageningenium.com