QUITO, ECUADOR--(Marketwire - Nov 28, 2012) - BluForest Inc. (OTCBB: BLUF) (OTCQB: BLUF) ("BluForest" or the "Company"), an emerging leader in the field of Carbon Trading and Renewable Energy, announced today that the company has signed a Letter of Intent on November 25th, 2012 entering into discussions to consider the acquisition of the Canadian company New World Generation.
This prospective acquisition shows BluForest's ability and desire to become a leader in the fight against climate change through diverse technology. Charlie Miller, CEO of BluForest, said, "I am very excited about this new transaction and the corporate governance that will accompany it."
About New World Generation
New World Generation (NWG) is a privately held Canadian corporation, in operation since May 18, 2001. The company's headquarters is in Owen Sound, Ontario, Canada. NWG is the holding company for patented technologies in the power generation sector. Its patents relate to collecting, generating, storing and regenerating electrical energy. NWG is at the cutting edge of providing sustainable, clean renewable energy through the development of high efficiency wind turbine, storage and regeneration technologies.
Terms of the LOI
Under the terms of the LOI, BluForest is granted an option to acquire New World Generation via a share base that will be finalized during the due diligence process. It is intended by the parties that the LOI will be superseded by a formal agreement upon completion of due diligence. BluForest will provide further updates and details of the commercial arrangements by way of news releases and regulatory filings when a formal agreement is signed.
The company is undertaking due diligence and will announce the signing of a definitive agreement in the event that one is signed.
About BluForest Inc.
BluForest Inc. is a development stage company that is a publically traded carbon offsets marketing and renewable energy company. BLUF is executing its strategy to become a leading marketer of carbon offsets in the voluntary markets under the UN principle of Reducing Emissions from Deforestation and forest Degradation (REDD+). The BluForest website provides further information about the company which prospective investors are encouraged to visit.
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