Olenox Industries (NASDAQ: OLOX) announced the completion of its acquisition of PsyLinks Neurotech Corp., which will operate as a wholly owned subsidiary following the transaction. Under the share exchange agreement, Olenox acquired all outstanding PsyLinks shares in exchange for approximately $500,000 in restricted common stock. PsyLinks founders Dr. Michael McLaren-Gradinaru and Dr. Ford Burles have joined Olenox as vice president of technology and vice president of product development, respectively.
The company said PsyLinks’ neurotechnology and applied intelligence capabilities complement its strategy of integrating energy production, industrial infrastructure and digital technologies to improve operational visibility, decision-making and future technology initiatives. Olenox also noted the acquisition was reviewed and approved by the independent members of its board due to its potential classification as a related-party transaction under SEC rules.
This acquisition marks a strategic move for Olenox as it seeks to leverage advanced neurotechnology and artificial intelligence to enhance its core energy operations. By incorporating PsyLinks' expertise, Olenox aims to improve operational efficiency and decision-making processes across its energy production and industrial infrastructure segments. The integration of digital technologies is expected to provide greater visibility into operations, enabling more informed and timely decisions.
The addition of Dr. McLaren-Gradinaru and Dr. Burles to Olenox's leadership team underscores the company's commitment to innovation. Their roles as vice presidents of technology and product development, respectively, will be key in driving the implementation of neurotechnology and AI solutions within Olenox's existing business lines.
Olenox Industries is a vertically integrated energy company operating across multiple business lines, including oil and gas, energy services, and energy technologies. The company is focused on acquiring, optimizing, and scaling energy-related infrastructure and operating assets across key U.S. markets. This acquisition aligns with Olenox's strategy of integrating diverse technologies to create synergies and drive growth.
For more details, the full press release is available at https://ibn.fm/xxUO6. Investors can find the latest news and updates regarding Olenox at https://ibn.fm/OLOX.
