Asphalt Paving may not strike people as the name for a company focused on mobility solutions for enterprise networks and applications. But for the time being, that’s the case on the OTC Bulleting Board.
Mobile Reach Technologies is moving to change that.
The Cary firm completed its merger with Asphalt Paving on Wednesday, creating a new publicly traded entity that will go by the Mobile Reach name. Asphalt Paving was traded on the OTC under the symbol ASPH.
Mobile Reach said it would file a petition with the SEC to change the symbol to MRIN. The companies announced the merger in May and had sought to close the deal in June.
The combined company will maintain operations in Car and in Munich, Germany.
Under the merger, Mobile Reach shareholders hold 82 percent of the combined venture, Asphalt Paving the remaining 18 percent. Mobile Reach also said it would expand the board to include independent directors.
“By completion of this transaction, the management team is now clear to execute its mobile strategy of becoming the market leader and the company of choice for providing mobility expertise,” said Michael Hewitt, chief executive officer of Mobile Reach, in a statement.
“Without a wireless strategy, 80 percent of all enterprises will fail to meet their cost and performance objectives and will engender frustration among users and incur high costs,” he added.
Mobile Reach offers both products and professional services.
Mobile Reach: www.mobilereach.com