BOSTON: Tiderock Companies Inc. (OTC PINK:TDRK) announced the acquisition of MTAG Global Inc., establishing a formidable international materials company. MTAG Global is the exclusive distributor for MTAG Composites and boasts a robust pipeline with annual revenues exceeding $25 million.
MTAG Global Inc. (“MTAG”) holds a strong position in the European market, delivering a diverse range of services across multiple sectors.
MTAG is strategically poised to capitalize on the burgeoning composites market, which was valued at USD $105.75 billion in 2022 and is projected to reach USD $191.36 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. For the fiscal year 2024, MTAG forecasts gross revenue of USD $12.5 million.
As part of this acquisition, Tiderock has issued 800,000 Series C Preferred Shares to the owners of MTAG Global, Inc. MTAG Global, Inc. will also pay MTAG Composites a one-time fee of $250,000 to secure the rights to become its exclusive global distributor. Additionally, MTAG Global has the authority to appoint one board member to Tiderock’s Board of Directors.
Tiderock Companies will now operate under two primary divisions: manufacturing and real estate. MTAG will spearhead the manufacturing efforts, expanding its UK footprint to the United States and additional sites within the UK. In parallel, the Real Estate division, under Sora Ventures, is actively developing multiple residential projects in the Southeast United States, amidst stabilized interest rates and sustained housing demand in targeted US markets.