EEStor enters into Letter of Intent to Acquire Green NH3 - Seite 3

GREEN NH3 is a privately held company, based in Georgetown, Ontario, Canada. GREEN NH3 does not yet generate revenue from operations. Its current assets consist of intangible intellectual property and scalable prototype systems, and it is not expected that it will have any outstanding liabilities upon completion of the acquisition.

The acquisition of GREEN NH3 is not expected to result in a “change of control” of EEStor, as that term is defined by the policies of the TSX Venture Exchange. All securities to be issued to the shareholders of GREEN NH3 in connection with the acquisition will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. No finders fees or commissions are payable in connection with the acquisition of GREEN NH3.

Following completion of the acquisition, EEStor intends to reconstitute its board of directors to consist of five members, of which two will initially be nominated by GREEN NH3. EEStor anticipates that the reconstituted board and the performance based, non-voting share class will be presented to shareholders for approval at its annual general and special meeting which is anticipated to be held in the fourth quarter of 2020. 

Working Capital Financing

Prior to completion of the acquisition of GREEN NH3, EEStor intends to pursue private placement financing to rapidly advance third-party certification of technologies, investor and stakeholder relations activities and for general working capital purposes. The acquisition is not contingent on completion of the financing, but EEStor does anticipate requiring additional working capital prior to completion of the acquisition.

About EEStor

EEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material. EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications.

About GREEN NH3

Based in Georgetown, Ontario, Canada, GREEN NH3 is involved in research and development and commercialization activities related to NH3 fuel, generated from its patented and scalable process. GREEN NH3 fuel is generated from air and water (nitrogen and hydrogen) at any location where fuel is needed in any quantity required. Being a clean and renewable energy source, GREEN NH3 fuel does not emit any carbon air pollution. Its only emissions are nitrogen (an essential fertilizer) and pure drinking water with zero impact on the environment.