Elgi Equipments update on JV - Compressed Air Solutions of Texas

Elgi Equipments announced that Elgi Compressors USA Inc and Bryan Becker have made their first tranche of investment in the Share Capital of Compressed Air Solutions of Texas, LLC on 08 June, 2020 and the same date may be considered as the actual date of formation of the Joint Venture between Elgi Compressors USA, Inc and Bryan Becker, and investment in, Compressed Air Solutions of Texas, LLC.

Elgi Compressors USA Inc, has subscribed and made its first tranche of investment in an extent of $ 20,000 out of the proposed total investment of $ 1,00,000 in Class A and $ 5000 out of the proposed total investment of $ 25000 in Class B, Shares, which represents 50% of the total capital of Compressed Air Solutions of Texas, LLC. Rest of the investment will be made in tranches and will be completed by October, 2020.

 

Bryan Becker ,the joint venture partner, has also made his first tranche of investment $ 20,000 out of his proposed total investment $ 1,00,000 in Class A Shares, representing 50% of the total capital of Compressed Air Solutions of Texas, LLC. He will not be eligible to participate in Class B Shares.

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