BELLINGHAM, WASHINGTON--(Marketwired - March 3, 2014) - SUNVAULT ENERGY, INC. (OTCQB:SVLT) ("Sunvault") ("the Company") is pleased to announce that the Company has acquired through a share purchase agreement 50% of CleanGen Inc. ("CleanGen") ("CleanGen Power Corp.") ("Cutting Edge Tire Recycling LP").
CleanGen Inc.'s history has been as an Aboriginal owned company since its incorporation. CleanGen Inc. operates CleanGen Power Corp. and Cutting Edge Tire Recycling LP from the Edmonton, Alberta headquarters.
CleanGen Power Corp. operates a biomass recycling facility and is a value added recycler.
CleanGen Power Corp. plans to use its biomass wood from its recycling facility to generate electricity. This type of electricity generation technology is scalable and capable of providing power and heating systems (to remote or isolated communities including Aboriginal communities of which there are 175 in Canada); or to produce energy and sell it directly to the power grid as a commercial enterprise.
CleanGen Power Corp. has invested in engineering studies (including Environmental Assessments) as Phase 1 of their Integrated Waste Management Services project. This project is intended to incorporate an investment into a Class 3 Landfill with a Class 2 Transfer Station and the waste to energy technology. "There are definite synergies here that make the acquisition work well for both parties," commented Gary Monaghan, President & CEO of Sunvault Energy. "Sunvault will be able to utilize its technologies in conjunction with what CleanGen is doing" states Monaghan. "There is a definite use of solar technology that can be utilized in CleanGen's power generation plans," he continued.
In addition to the CleanGen Power Corp. operating entity, Sunvault has also acquired as part of this transaction, 50% of the Cutting Edge Tire Recycling LP. Cutting Edge has offices in Edmonton, Ponoka, Calgary, and is servicing the Fort McMurray area. (http://www.cuttingedgerubber.com) The company has a 12.5-acre tire processing facility located near the town of Ponoka Alberta. Cutting Edge is the only OTR (Off-The-Road) tire processor in Alberta with one of the largest and most powerful shredders in North America. The shredder is capable of handling giant mine tires used in Alberta's various mining operations, including the oil sands. The company generates a substantial part of its revenue's directly from the Alberta government tire recycling program. Working in partnership with Alberta Recycling Management Authority as a registered processor, Cutting Edge provides collection and processing of passenger and light truck tires as well as OTR tires.
Another of CleanGen's strategic business relationships offers an extensive opportunity for growth is engineered wood fibre roads (EWFR). The EcoRoads brand engineered wood fibre product creates a stable driving surface that helps retain remote road driveability that protects (insulates) the frost/ice road base, thereby extending the life of seasonal roads. Utilization of the EcoRoads product avoids the costly expense that Spring Break Up has for many companies in the resource sector. EcoRoads wood fiber can also be used to create an equipment staging area in remote areas. EcoRoads minimizes the short-term environmental foot print and decreases the long term imprint frequently left by remote activities. The added benefit is the roads can be picked up and processed for energy outputs at the end of the fibre's load bearing life.
Mr. Monaghan stated, "The 50% acquisition of CleanGen allows Sunvault to enhance its assets and revenues while continuing development on its solar technology platform." According to CleanGen management and their business plan, the combined anticipated net income for 2014, will be approximately $1.5 to $1.8 million with gross revenues of approximately $5.0 million. With over 175 remote northern Canadian communities, Sunvault management estimates each community has potential for up to $2,000,000 worth of power generating assets per site. Sunvault through CleanGen anticipates being a significant player in this market.
The purchase agreement calls for 19,500,000 Sunvault shares to be issued to 1454004 Alberta Ltd. shareholders from treasury to complete Sunvault Energy Inc.'s purchase of the 50% interest in CleanGen Inc.
Sunvault Energy Inc., on Jan. 7, 2014, agreed with its largest shareholder group Millennium Trends International Inc. and West Point International Inc. through Mr. Derek Bannister who negotiated the transaction with previous CEO John Crawford, while he was still in office. This transaction gave the direction to return 35 million shares to treasury. The shares returned under the agreement were owned by Millennium Trends International Inc. and West Point International Inc. both of which are Bahamian Companies. The offer from the Companies' largest shareholders was accepted with great appreciation and the company would like to acknowledge Mr. Bannister's hard work in this transaction. West Point and Millennium are not related to the same named USA companies.
Westpoint International Inc., a USA Corporation, has acted as agent in the 50% acquisition of CleanGen Inc. The end result for Sunvault Energy is a completely non-dilutive addition of revenues and assets for the company.
About Sunvault Energy, Inc.:
Sunvault Energy, Inc. is committed to bringing cost effective generation and energy storage to the solar industry through a seamless, novel and simultaneous integration of energy generation and storage at the molecular level. This technical approach is a first and has the potential to enable the lowest overall system cost at maximum efficiency.
For more information, visit the Sunvault Energy website at http://www.sunvaultenergy.com/ and/or firstname.lastname@example.org.
Safe Harbor: Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe", "expect", "anticipate", "estimate" and "intend" or future or conditional verbs such as "will", "would", "should", "could" or "may". We undertake no obligation to update any forward-looking statements.