Vortex Brands Completes Acquisition of Blockchain Energy, Inc.
Sacramento, CA -- February 28, 2018 -- InvestorsHub NewsWire -- Vortex Brands Co. announced today that the company has completed the reverse merger of Blockchain Energy, Inc.
Blockchain Energy, Inc. is a company based in Sacramento that is engaged in projects related to the utilities and energy sectors. Currently the company is taking a lead role in the implementation of a new product that will be introduced across the country that is revolutionary and has the potential of being a "game changer".
Electric motors used to power equipment like HVAC, refrigeration, industrial machinery, etc consume about 80% of the power provided (in-phase) by the utility company. The other 20% supplies the needed torque or leverage to the motor, but then becomes unusable (out-of-phase) and travels back toward the utility so 20% more power is generated and delivered vs what is actually consumed. The inefficiency problem compounds itself further when the wasted 20% of unusable power travels back toward the utility requiring an additional 20% of otherwise usable power to "burnoff" this backward flowing electricity. Up to 40% of power generated is therefore wasted, plus the back and forth creates line congestion leading to power outages and stress on an already troubled grid.
Blockchain Energy's first project will be to act as manufacturer of this new technology and the company has been granted the exclusive rights to roll out the units across all of North America. The inventor of this new technology has joined the BEI team and will act as a consultant to the team as manufacturing and assembly is ramped up over the coming months. The operations facility is located in Sacramento and is sufficient for exponential growth. Several key individuals with specific strengths and expertise have been brought together to ensure this project is a success. Additional staff will be added soon on an as needed basis. Also, the company has already established working relationships with several companies that will be brought in to support this project. More information on those relationships is forthcoming.
With the closing of this reverse merger, Tom Olmstead has stepped down as CEO of Vortex Brands. Todd Higley has been named as the new CEO and Blockchain Energy became a wholly owned subsidiary of Vortex Brands. Mr. Higley has made it known that he plans to share more information about the company and this exciting new project in several follow up press releases over the coming weeks and why the name of the company itself is relevant to other projects that the company has in store. For more information, please visit our website at https://blockchainenergyinc.com/.
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