Safe & Green Holdings Corp., a developer, designer and fabricator of modular structures, has entered into a definitive agreement and plan of merger with New Asia Holdings Inc. (NAHD), which owns Olenox Corp. and Machfu.com, which are both innovative leaders in the energy and industrial IoT sectors.
Under the terms of the agreement, Safe & Green will acquire 100% of the outstanding securities of NAHD in exchange for the issuance of non-voting convertible preferred shares of the company. This transaction marks a significant step forward in Safe & Green’s commitment to expanding its capabilities in sustainable energy and smart industrial automation.
Olenox is an advanced energy company with three vertically integrated business units: oil and gas production, energy services and energy technologies. The company specializes in acquiring and revitalizing underdeveloped energy assets, leveraging proprietary plasma pulse and ultrasonic cleaning tools to enhance production efficiency while reducing environmental impact. Olenox’s strategic focus on distressed oil and gas fields in Texas, Oklahoma, and Kansas has resulted in significant production growth, positioning the company for long-term success in the energy sector.
Machfu is a leader in industrial IoT, with its flagship MachGateway and Edge-to-Enterprise software solutions enabling seamless connectivity between legacy systems and modern digital infrastructure. With over 20,000 gateways deployed worldwide, Machfu’s technology enhances operational efficiency, predictive maintenance and real-time analytics for industries including oil and gas, utilities and manufacturing.
Following the merger, Safe & Green plans to integrate Olenox’s energy assets and Machfu’s IoT capabilities with its existing operations. The company will leverage its modular fabrication expertise and existing infrastructure, including its Waldron facility in Durant, Oklahoma, to support new initiatives in sustainable energy and industrial automation.
“We believe that the combination of Olenox and Machfu with Safe & Green will create a diversified, high-growth company at the intersection of energy and technology,” said Michael McLaren, CEO of Safe & Green and founder of Olenox. “Olenox’s growing oil and gas portfolio, combined with Machfu’s cutting-edge IoT solutions, will provide a robust foundation for expansion into sustainable energy, automation and digital transformation.”