NanoSensors Inc. has closed a reverse merger with privately held wireless, marketing and analytics data provider, Green Zebra.
The merger completes NanoSensors' shift into the technology sector, and Green Zebra has now become a wholly owned subsidiary. California-based NanoSensors develops, manufactures and markets sensors and instruments.
Green Zebra CEO Coleman Smith will lead the combined companies, while Terrance Flowers has resigned from all executive positions at NanoSensors effective July 3, according to a July 6 release. Under the terms of the merger, Smith will receive 500 million common shares, along with one share of series A preferred stock, representing a controlling interest in the company. Smith will now proceed with assembling his elected board of directors.
"Mr. Smith's experience and expertise will bring exponential growth and value to this company," Flowers said in a statement.