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by Stockwatch Business Reporter
The TSX Venture Exchange rose 17.81 points to 745.94 Wednesday. Michael Chen's halted capital pool shell, Ord Mountain Resources Corp. (OMR), has submitted a filing statement for its qualifying transaction, which is the acquisition of Penta 5 Packaging Inc. The shell, which has 2.37 million shares issued, will issue 66,197,200 shares to its target's shareholders. These shareholders will include the subscribers to a concurrent private placement: Penta 5 Packaging is selling 11 million units at 50 U.S. cents to raise $5.5-million (U.S.). The financing is a condition for closing the QT.
Penta 5 Packaging is a newly formed British Columbia entity, in the process of acquiring Penta 5 USA LLC. Penta 5 USA is a two-year-old packaging company in Florida. Its main offering is a line of resealable plastic pouches that can stand up on their own. The pouches may have a childproof zipper, a spout or a tracking tag. Products that use Penta 5 USA's pouches include Chilling Rocks natural spring water, HTWO hydrogen-rich water and MosquitoPaQ mosquito repellent lotion. Penta 5 USA says its pouches are perfect for a wide variety of products, including beer, wine, fruit puree, hot food, sauces, dressings, cannabis oil extracts, dry goods, household chemicals and sprays. In 2014, Penta 5 USA's predecessor, PPI Technologies Group LLC, claimed to be "No. 1 in the pouch business," having "handled about 1,100" of the "1,700 pouch designs in North America." PPI Technologies sold not only pouches but also the machines for packaging products into those pouches. According to PPI Technologies, it had $47.5-million (U.S.) of revenue in 2014, up from $38-million (U.S.) in 2013. It boasted to a few local newspapers that its packaging machines had been used by customers such as The Hershey Company (HSY: $103.15 (U.S.)).
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