Elgi Equipments announced that its subsidiary, Elgi Compressors USA Inc, (ELGi USA) has formed a Joint Venture Company by name G3 Compressors, LLC, a North Carolina Limited Liability Company with 50% ownership along with Chad Gooding, Joint Venture partner, who will also be the Manager of G3 Compressors, LLC, holding 50% ownership.
The operating agreement of G3 Compressors, LLC was signed by ELGi USA and Chad Gooding on 14 October, 2020. ELGi USA has subscribed and made its first tranche of investment of $ 35,000 out of the proposed total investment of $ 1,00,000 in Class A shares. Rest of the investment in Class A shares will be made in tranches and is proposed to be completed by December, 2020. Chad Gooding the Joint Venture Partner will not be eligible to participate in Class B Shares.
ELGi USA will be the only Class B shareholder. Both Class A & Class B shares carry voting rights. Capital Contribution of ELGi USA with respect to the Class B Shares shall be in one or more increments of $25,000 and in an aggregate amount that may exceed $250,000. ELGi USA has made its first tranche of investment of $ 5,000 out of the proposed total investment of $ 25,000 in Class B shares and the balance is proposed to be invested by November, 2020.
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