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California Firm Buys Controlling Interest In Houston's WinTec
California Firm Buys Controlling Interest In Houston's WinTec | hou_txbz, WinTec, Medina, harborboat,

Texas Business reports:  A California firm bought 51 percent of a Houston company and made it a subsidiary.

Medina International Holdings Inc. of Corona, California, entered into a with WinTec Protective Systems Inc. of Houston, in which Medina will issue three million shares of its restricted common stock in exchange for 20,400,000 shares of the common stock of WinTec. As a result of such exchange, the company holds 51% of the issued and outstanding common stock of WinTec, making WinTec a subsidiary of Medina.

WinTec, located in Houston,has developed various proprietary products, which include CORTAIN, Hydro-Tain and Blast Block.

Medina International Holdings, Inc. has first right to use CORTAIN, anti-corrosion material for small marine craft.

“This is a strategic milestone for our company,” said Daniel Medina, chief executive of Medina International Holdings Inc. in a prepared statement.  “The acquisition of WinTec will give us access to coatings and other proprietary technologies that are a natural complement to our existing watercraft business. The incorporation of WinTec's product lines will allow us to offer highly-specialized products that are not available elsewhere. We know our customers will be as excited as we are about this new subsidiary.”

“We are very pleased with the structure of this deal,” Medinia chief financial officer Rao Mankal said in a statement. “The WinTec team sees the potential, as do we, of their product lines. Management of both companies will be working closely together to realize the potential of this business combination.”

Medina International Holdings, Inc. through its wholly owned subsidiary, Harbor Guard Boats, Inc., produces commercial fire, rescue, police and patrol boats. The company's products have a proprietary hull design and equipment features that address specific niche markets with products ranging from 15' to 37'.