EEStor Corporation enters into Letter of Intent to Acquire Infinium Generation Ltd. - Seite 2

One significant and immediate use for INFINIUM Generation technologies relates to remote communities. “Distant communities that are not on the electric grid, that currently use diesel and other fossil fuel generation could greatly benefit from our technology.  INFINIUM solutions, designed to power both residential and commercial multi-unit buildings worldwide, will create significant benefits by providing a zero-carbon footprint for these installations. INFINIUM technology has the potential to enrich and improve our environment greatly,” commented Gary Monaghan, former President of MDU Communications Inc. and the current Vice President of Business Development for INFINIUM.

Monaghan continued: “Additionally, when considering INFINIUM’s impact on Multiple Dwelling Units (MDUs), whether as a form of power augmentation, back up, load balancing or peak power pricing opportunities for building owners, our technology is uniquely suited to enhance both residential and commercial MDU value.”

Roger Gordon, Inventor and Patent Holder stated: “The fuel is generated from air and water (nitrogen and hydrogen) at any location where fuel is needed and in any quantity required. Being a clean and renewable energy source, it emits no carbon air pollution, only nitrogen and pure water, at a much lower cost than gasoline and diesel. NH3 fuel can help fast-track our target markets’ achievement of a greener, healthier, more prosperous environment. INFINIUM hopes to utilize our patented technology to generate NH3 fuel and to supply true zero-emission electricity to distant communities, and residential and commercial multi-unit developments.”

Certifications

Independent third-party certification and cost analysis is underway with Ontario Tech University (University of Ontario Institute of Technology) in Oshawa, Ontario. Further certifications are planned with Intertek Inc. and AVL List GmbH to ensure that the performance characteristics of the technology are fully validated and disclosed. Independent certification results will be made available as they are received.

Proposed terms of the Acquisition

Subject to customary due diligence, negotiation of definitive documentation, board and regulatory approvals, in consideration for all of the outstanding share capital of INFINIUM, the shareholders of INFINIUM are entitled to receive common shares of EEStor which will represent 25% of the outstanding share capital of EEStor following completion of the acquisition.  Based on its current outstanding share capital, EEStor anticipates issuing 48,300,000 common shares to the shareholders of INFINIUM. Following completion of the acquisition, INFINIUM will continue as a wholly owned subsidiary of EEStor.