EV HOTEL CORP., the Atlanta-based tech centric “smart hotel” company, is in a “change of control” stock purchase agreement with Plandai Biotechnology, Inc. Plandai will become the parent company to EV Hotel, founded by Ken Patel, for the purposes of going public.
Before closing the agreement, both parties must complete independent financial audits, a third-party valuation of EV Hotel Corp. and the company completing corporate actions with the Secretary of State of Nevada, according to EV Hotel.
Trading regulatory organization FINRA will change Plandai’s name and trading symbol, along with implementing a reverse split of the company's common stock, with management plans at 100:1. Upon closing, Plandai will acquire all of the authorized stock and assets in EV Hotel in exchange for common stock and Patel will acquire all of the company's Series "A" Preferred stock, resulting in a change of control.
“Via our transaction with Plandai, we will achieve public trading status with all the prestige and privileges of being a public company,” Patel said. “Our company focuses on culture and technology for the guest stay experience that resonates with modern travelers. It creates a less task driven system for our employees. Once achieved, our publicly traded status for our common shares will allow us to better access the public markets for growth capital and will increase our global brand awareness. This is all about revolutionizing the hospitality industry and providing a better future for our employees and guests”
EV Hotel developed the "smart hotel," which incorporates technology, including a cryptocurrency trade-floor and non-fungible tokens guest rooms and lobby. Other tech elements include the company’s proprietary EV Smart app that automates hotel operations using a central control point over the guest experience including room controls, concierge and room service.
The EV Smart app provides control over 20 uniquely designed and integrated smart devices for in each guest room. EV Hotel's "IoT Smart Rooms" allows guests to relay requests directly to hotel staff who can then respond in real-time, based on device specific data. The app automatically provides alerts about problems, reducing guest disruptions and out of-service rooms and eliminating the need for preventative maintenance, saving both labor and equipment costs, all while providing energy savings.
“We have been patient to vet and select a merger candidate that we believe will return value to our shareholders. We think the patience and hard work of the Plandai team over the last two years brought the company from its abandonment to a very positive turning point,” Tad Mailander, Plandai CEO. “The company will diligently complete its conditions to closing. We expect the independent audit of the company will be completed this week. EV Hotel is committed to moving forward diligently with its audit. I expect that to be completed as soon as possible. The company will update shareholders only through its authorized press releases."
EV Hotel’s first franchisee is converting a 63-year-old 114-room historical hotel in Phoenix, Arizona. It also recently partnered with Spanish firm CLERHP to construct a luxury resort in the new Larimar City & Resort project in Punta Cana, the Dominican Republic. The 400-room hotel will be built on an area of nearly eight acres, the company said in a statement.
