FORT PIERCE, FL / ACCESSWIRE / August 25, 2021 / Twin Vee Powercats, Inc. (OTC Markets:TVPC) has released the following statement:
We have received many inquiries from our stockholders regarding the relationship between Twin Vee Powercats, Inc. "OTC:TVPC" and Twin Vee PowerCats, Co. "Nasdaq:VEEE."
For the period between 2016 through July 20, 2021, TVPC was the parent company and Twin Vee PowerCats Co. was its wholly-owned, operating subsidiary. On July 20, 2021 Twin Vee PowerCats Co., TVPC's subsidiary, became a publicly-traded company on NASDAQ and now trades under the ticker symbol VEEE.
TVPC, the parent company, remains the largest shareholder of Twin Vee PowerCats Co. owning 4,000,000 shares of common stock of Twin Vee PowerCats Co. on the TVPC balance sheet.
As of today, TVPC has nominal business operations and TVPC's main asset remains the 4,000,000 VEEE shares.
TVPC is subject to a one-year lock-up agreement following the date of the VEEE IPO last month.
TVPC intends to distribute the VEEE shares to the shareholders of TVPC once the lock-up has expired. We are currently reviewing the best legal and tax structure to effect such a distribution.
We thank our stockholders for your continuing support.
About Twin Vee Powercats, Inc.
Headed by CEO Joseph Visconti and originally founded in 1994, Twin Vee Powercats, Inc. is the largest shareholder in Twin Vee PowerCats Co. (Nasdaq:VEEE).
SOURCE: Twin Vee Powercats, Inc.