NuLife Sciences Inc. completed its merger with LJR Security Services Inc. and its Gulf West Security Network Inc. unit.
Under the deal, Louis Resweber — the sole shareholder of the two Lafayette, La.-based life safety and electronic security firms — received 1,000 series D senior preferred stock convertible into 50,239,541 common shares of NuLife. Resweber also received 1 share of series C super-voting preferred stock of NuLife, granting him 50.1% of the company's voting rights.
LJR is the surviving corporation in the merger.
Following deal completion, NuLife named Resweber chairman, president and CEO of the combined company.
Resweber will replace NuLife Chairman and CEO Sean Clarke, and President Fred Luke, both of whom have resigned. Clarke will stay with the company as a board member.
Most recently, Resweber served as chairman, president and CEO of Pelican Security Network Inc., which sells security alarms, and its predecessor company, Pelican Funding Corp.
The merger and management changes are part of NuLife's expansion into the life safety and security sector. The Newport Beach, Calif.-based biomedical company focuses on medical research and technology, including human organ transplant.
Furthermore, NuLife Sciences changed its name to Gulf West Security Network Inc.