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RVLT & GBE-LED will target LED lighting retrofits for numerous new markets such as existing city infrastructure in cooperation with the World Conference of Mayors (WCM), Historical Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs) in cooperation with the National Association for Equal Opportunity (NAFEO), as well as other commercial and governmental retrofit opportunities.
Under the terms of the agreement, RVLT paid a total purchase price of USD 30m for 100% of the outstanding ownership interests of Energy Source: comprised of USD 10m in cash, USD 10m in RVLT common stock (approximately 8.
The USD 10m upfront cash portion has been financed through the issuance of RVLT common shares (approximately 8.
President and CFO Charlie Schafer added that the deal provided RVLT with the means to strengthen its capital base and support its aggressive growth.