SOURCE: Red Branch Technologies, Inc.

November 30, 2009 16:16 ET

Red Branch Technologies Announces Details of LOI Agreement With Green Power Technologies, Inc.

ASHBURN, VA--(Marketwire - November 30, 2009) - Red Branch Technologies, Inc. (PINKSHEETS: RBTI) announced today specific details on an LOI agreement with Green Power Technologies, Inc., a Nevada Corporation. Jeff Sirianni, CEO of Red Branch Technologies, Inc., announced the following details as a follow up to the initial press release earlier today stating that an LOI was in place with Green Power Technologies, Inc.:

--  Red Branch Technologies will acquire forty percent of Green Power
    Technologies which will be anti-dilutive for a period of two years from the
    date of closing.
--  Red Branch has agreed to pay $250,000 in consideration for their forty
    percent stake in Green Power Technologies, Inc.  The $250,000 will be
    distributed in ten equal installments to Green Power commencing no later
    than five days after the closing of the transaction.
--  As part of the agreement, Red Branch will be responsible for issuing
    press releases in accordance with the provisions of SEC Rule 8-K, as if
    Green Power were a public company.  Green Power will endeavor to properly
    disclose and educate the investing public all relevant information related
    to the Green Power's technology and activities.
--  The closing date is scheduled on or before December 15, 2009.
    

Sirianni also reiterated that there is ongoing due diligence taking place and terms of any final agreement between the two companies is subject to final approval of the Governing Board of Directors of the respective companies.

About Red Branch Technologies, Inc.:

Red Branch Technologies provides sustainable-energy-powered solutions meeting commercial, industrial, municipal and federal requirements for site security, materials control, emergency communications, water purification and similar on-site applications. The company's ability to simultaneously manage multiple renewable energy sources allows Red Branch Technologies powered solutions to stay up and running longer than the competition. Mobility is another differentiating aspect of Red Branch Technologies' solutions.

The company also offers a unique set of security products for military and law enforcement applications where cost/performance represents a critical selection factor. The application areas include Explosive Ordinance Disposal (EOD) robots, vehicular inspection and Unmanned Aerial Vehicles (UAVs).

More detailed information can be found at www.RedBranchTech.com.

Safe Harbor: This letter contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.

Contact Information

  • Contact:
    Investor Relations
    David Donlin
    Cervelle Group
    Phone: 407-614-5959 ext. 223