Acquisition for Prolong
IRVINE —
Automotive lubricants maker Prolong International Corp. said Wednesday that it has agreed to acquire the assets of EPL Prolong Inc. for $6.5 million in stock and assumption of certain unspecified liabilities.
Prolong officials would not comment on the deal, but said through a spokesman that EPL Prolong owns the patents for the lubricant technology used in Prolong International’s products. Prolong International’s founders include former EPL Prolong executives.
Prolong International has an exclusive license for the technology and markets its products through its Prolong Super Lubricants Inc. operating subsidiary. The acquisition must still be approved by federal securities regulators and EPL Prolong’s shareholders.