Frozen Food Gift Group Inc., a San Diego public company in the process of diversifying its portfolio, said it signed a letter of intent agreement to merge with APT Group Inc., a Kansas City, Mo.- based maker of utility and sports products.
Terms of the agreement weren’t disclosed, but the companies said the transaction should close on or before March 1. The two companies said they will release additional information on the merger then.
APT is the holding company for MotoVox motor sport products, including a patented fuel system that is sold in big-box retail chains. The company was said to have the potential to double its revenues by 2015.
Frozen Food Gift Group Inc., originally launched by acquiring an ice cream gifting company, said it’s diversifying its revenue and asset base to merge and acquire unique and promising high-growth companies. The MotoVox merger is one that moves the business into the burgeoning market for low cost, high efficiency “greener” powertrain systems, the company said.
Frozen Food Gift is traded on the Over the Counter Bulletin Board under the ticker FROZ.