A Virginia company has acquired SouthWest Biofuels Inc., a Tucson-based startup company focused on the research and development of algae-based biofuels and related products, in an effort to take the local company public.
Sloud Inc., which acquired SouthWest Biofuels, is a publicly traded company founded in 2005 to develop audio-search technology, according to filings with the U.S. Securities and Exchange Commission.
SouthWest BioFuels CEO Rick Jimenez was named CEO of Sloud, which will change its name to SouthWest BioFuels, according to a news release.
The deal with Sloud, which is traded on the over-the-counter "pink sheets" market, will allow SouthWest BioFuels to become a publicly traded company, Jimenez said in prepared remarks.
Jimenez could not be reached for further comment, and a phone number listed for Sloud was not accepting messages Tuesday.