Oceanic Research & Recovery, Inc. (OTCMKTS:ORRV) reported that in May 2017, McCusker Holdings Corp accepted to buy the Texas firm NTS Nationwide Tech Services. The board, in a review, has come to a conclusion now that an acquisition at this time would prove time consuming and distracting for the management team.
NTS acquisition would need additional resources that the company’s board feels, under the leadership of CEO Frank Hawley, would be demanding and challenge other mission-critical priorities. The CEO expressed that as of now their priority is the stock and ticker change, revenue growth, and expanding their client base. NTS and McCusker Holdings have cooperated in a acceptable solution to take the deal off the table and both firms will continue to be independent following their own business goals.
McCusker Holdings is a major national provider of warranty insurance administration and help desk services for varied industries. It has even developed specialized service plans for the customer electronics, auto, furniture and the HVAC industries.
Earlier in April, McCusker Holding reported that it has completed its reverse merger with Oceanic Research & Recovery, effective March 13, 2017. As previously reported in January, the two companies finalized a binding letter of intent, which needed Oceanic Research to buy McCusker Holding in a statutory merger deal with McCusker becoming a 100% owned subsidiary unit of Oceanic Research. In relation with this deal, the articles of incorporation for company were amended to change the firm’s name to McCusker Holdings.
Will McCusker expressed that the successful completion of this merger showcases a major milestone for them. They are hopeful that the company’s public listing will provide them greater access to new shareholders, new streams of growth capital with which they can advance the company, and improve their services within the marketplace.
In the last trading session, the stock price of Oceanic Research & Recovery traded flat and closed at $0.00070.