EEStor enters into Letter of Intent to Acquire Green NH3 - Seite 2

Clifford continued: “The acquisition of GREEN NH3 will allow for the targeted implementation of specific types of zero-emission generation technology to address some of the most pressing and dynamic energy needs globally. By creating zero-emission fuels from water, air and renewable electricity sources, in exactly the place that the energy needs to be consumed, we hope to reduce, and potentially eliminate, the need for the profoundly inefficient distribution networks that exist today, not to mention the incredible environmental and socio-political burden of the fossil fuel industry.”

Roger Gordon added: “The fuel is generated from air and water (nitrogen and hydrogen) at any location where fuel is needed and the system is scaled to the quantity of fuel required. As a clean and renewable energy source, our fuel emits no carbon air pollution when consumed, only nitrogen and pure water, at a much lower production or environmental cost than gasoline and diesel fuels. GREEN NH3 hopes to utilize our patented technology to generate NH3 fuel and to supply true zero-emission fuel and electricity to diverse markets globally.”

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 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 GREEN NH3, the shareholders of GREEN NH3 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 approximately 48,300,000 common shares to the shareholders of GREEN NH3. Following completion of the acquisition, GREEN NH3 will continue as a wholly owned subsidiary of EEStor. Additional non-voting performance related shares will be available to GREEN NH3 shareholders once key performance and commercial milestones are met.