By Sheri Kasprzak
New York, Oct. 18 - Technology Integration Group, Inc. completed a $3.1 million private placement as part of its merger with Odyne Corp.
The company sold 3,033 shares of series A convertible preferred stock. The preferreds are convertible into 4,046,022 common shares.
Following the merger, Technology Integration will operate under the Odyne name. The combined company will operate under Odyne's business plan. Odyne develops hybrid engines used in passenger cars.
The company is based in Hauppauge, N.Y.
| Issuer: | Technology Integration Group, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $3.1 million
|
| Shares: | 3,033
|
| Conversion ratio: | Into 4,046,022 common shares
|
| Warrants: | No
|
| Settlement date: | Oct. 18
|
| Stock symbol: | OTCBB: TING
|
| Stock price: | $1.52 at close Oct. 18
|
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