TORONTO, ONTARIO--(Marketwired - Dec. 5, 2016) - EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company") announced today that it has entered into a binding letter of intent (the "LOI") with Alchemy Synergy Group, Inc. ("ASG") for the joint development of highly polar silicone-based custom polymers to be used in EEStor's capacitor and electrical energy storage technologies.
ASG principals have 25+ years of experience formulating and developing specialty polymers for unique applications. Over the years ASG has collaborated with multiple Fortune-500 chemical companies engineering unique polymeric solutions to work in difficult application challenges. Today ASG leads a team of specialists involved in research and development activities related to silicone-based polymer technologies, including polarized silicone-based polymer technologies, surfactants and viscosity modifiers. ASG's specific work in the fields of highly polarized silanes for use in antimicrobials applications, and specialty coatings applied to thin films provides ASG with the unique set of technology and applications process experience that should prove useful to EESTOR.
Jeffrey Fredenburgh, President of ASG stated "We are very excited to announce our working relationship with EESTOR, helping to design a unique polymeric solution to work synergistically with the unique properties of EEStor's Composition Modified Barium Titanate".
Ian Clifford, Founder and CEO of EEStor added: "We are very pleased to be collaborating with ASG on this critical project. Our work to date has been extremely effective and we look forward to certifying and publishing positive results of our collaboration as they become available."
Under the LOI, ASG will develop sample custom polymers for testing by EEStor and, if successfully tested, will licence the developed polymers to EEStor and assist EEStor in sourcing the materials to produce the polymers in commercial quantities. All polymer technologies developed by the parties would be jointly owned and the parties would enter into a technology agreement for the cross-licensing of such technologies. EEStor would also have the right to acquire such developed technologies as they relate to the capacitor and energy storage industries in certain circumstances. Other than an initial payment of US$21,000 for consulting services and materials and the issuance of 100,000 common shares in the capital of EEStor, the consideration payable to ASG by EEStor is graduated and based on the achievement of a number of energy density and time-constant milestones. If all milestones are achieved, EEStor would be required to make cash payments aggregating US$106,000 and issue an aggregate of 1,950,000 common shares to ASG under the LOI. All shares issued would be subject to a 4-month hold period.
The transactions contemplated by the LOI are subject to the approval of the TSX Venture Exchange.
About EEStor Corporation
The Company's mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to capacitors.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor Inc. aligned the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
The Company's success depends on the commercialization of the technology developed by EEStor Inc and there is no assurance that it will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company's public filings.
For over 25 years, ASG has been involved in research and development activities related to silicone-based polymer technologies, including polarized silicone-based polymer technologies, surfactants and viscosity modifiers. ASG has collaborated with Fortune-500 chemical companies engineering unique polymeric solutions to work in difficult application challenges.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.