Olenox Industries (NASDAQ: OLOX) announced today the completion of its acquisition of PsyLinks Neurotech Corp., which will operate as a wholly owned subsidiary. Under the share exchange agreement, Olenox acquired all outstanding PsyLinks shares in exchange for approximately $500,000 in restricted common stock. PsyLinks founders Dr. Michael McLaren-Gradinaru and Dr. Ford Burles have joined Olenox as vice president of technology and vice president of product development, respectively.
The company stated that PsyLinks’ neurotechnology and applied intelligence capabilities complement its strategy of integrating energy production, industrial infrastructure and digital technologies to improve operational visibility, decision-making and future technology initiatives. Olenox also noted that the acquisition was reviewed and approved by the independent members of its board due to its potential classification as a related-party transaction under SEC rules.
This acquisition marks a strategic move for Olenox, a vertically integrated energy company operating across oil and gas, energy services, and energy technologies. The company is focused on acquiring, optimizing, and scaling energy-related infrastructure and operating assets across key U.S. markets. By integrating PsyLinks’ advanced neurotechnology, Olenox aims to enhance its digital technology capabilities, potentially leading to more efficient operations and better decision-making processes.
The addition of Dr. McLaren-Gradinaru and Dr. Burles to the leadership team brings deep expertise in neurotechnology and product development, which could accelerate the deployment of applied intelligence solutions within Olenox’s existing infrastructure. The company sees this as a step toward future technology initiatives that may include improved operational visibility and data-driven insights.
For more details on the acquisition, visit the full press release at https://ibn.fm/xxUO6. To stay updated on Olenox Industries, visit their newsroom at https://ibn.fm/OLOX.
