SOURCE: AuRIC Development Corp.

February 26, 2009 12:21 ET

AuRIC Qualifying Transaction Acquires Patent

VANCOUVER, BC--(Marketwire - February 26, 2009) - AuRIC Development Corp. (TSX-V: ARC.P) (the "Company"), today announced that, further to the Company's proposed transaction with Intinergy Solar Inc. ("ISI") (as originally announced on September 2, 2008), ISI has now purchased a 100% interest in the underlying patent for High Concentration Photo-Voltaics ("HCPV") solar technology.

ISI had previously licensed from the vendor the solar application of a patented optical device/design (the "Patent") and any improvements (the "Improvements") to the same device/design. ISI has now exercised an outright purchase for a 100% interest in the Patent and the Improvements.

The vendor has spent over $2 million developing this patented technology on which ISI's HCPV optical concentrator design is now based.

The terms of this acquisition by and between ISI and the vendor for this Patent assignment are subject to a confidentiality agreement. Full consideration for the purchase of this Patent is to be paid by ISI.

Management of both AuRIC and ISI considers this acquisition as strengthening the tenure position of ISI over the optical device/design while improving the Company's ability to advance the technology through greater control of the asset upon successful completion of the Qualifying Transaction.

Intinergy President and CTO, Vladimir Draganov, commented, "We believe HCPV offers the best roadmap to getting solar electricity production costs down. Clearly, acquiring 100 percent ownership of key intellectual property directly related to our technology will not only help enhance our competitiveness and corporate value, but also help further protect the technology as we work to develop additional patents."

For additional information concerning the Transaction, please refer to the Company's press release dated September 2, 2008 (filed on www.sedar.com). For additional information concerning ISI, please refer to ISI's website (www.intinergy.com), while additional information relating to the Company can also be found on SEDAR at www.sedar.com or contact: Robert Findlay, President and Director of AuRIC at 604 669 9330.

On behalf of the board of

AURIC DEVELOPMENT CORP.

Per: "Robert Findlay"
Robert Findlay
President, CEO, CFO, Secretary and Director

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Contact:
    Robert Findlay
    President and Director of AuRIC
    604 669 9330