Monday November 27, 7:44 am Eastern Time
REGI U.S., Inc. - Hydrogen Separator Agreement Completed
biz.yahoo.com
VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 27, 2000--REGI U.S., Inc. (OTCBB:RGUS - news) a subsidiary of Reg Technologies, Inc. (RRE.V / OTC BB: REG RF) is pleased to announce that an agreement has been completed with GHM, Inc., a private company located in Maryland, to jointly purchase the rights to the H2O Hydrogen Separator Technology consisting of a hydrogen separator based on a unique system for extracting hydrogen from water.
REGI U.S., Inc. will own the U.S. rights and Reg Technologies, Inc. will own the worldwide rights excluding the U.S. to the Hydrogen Separator Technology.
In consideration for a 50% interest for the rights to the Hydrogen Separator Technology Reg Technologies, Inc. (the ``Company'' or ``Reg'') agrees to the following:
--The Company shall apply for a patent in the U.S. for the Hydrogen Separator Technology at Reg's expense
--Reg agrees to build a prototype of the Hydrogen Separator Technology as designed by GHM, Inc.
The Company also has an option to purchase an additional 50% interest in the Hydrogen Separator Technology for $15,000,000 US in a combination of cash and shares and will assign a 5% net revenue interest to GHM, Inc.
Reg has commenced to build a prototype and will conduct a preliminary in-house test to confirm that the Hydrogen Separator Technology can economically convert water into hydrogen and oxygen.
George Magaha, Ph.D., inventor of the Hydrogen Separator, states that, ``The H2O Hydrogen Separator can be utilized to supply hydrogen fuel to the Rand Cam(TM) rotary engine and to hydrogen powered fuel cells for cars, trucks, buses (mobile) and stationary applications.''
ABOUT REG TECHNOLOGIES, INC. / REGI U.S., INC.
Reg Technologies, Inc. jointly owns the worldwide rights to the Rand Cam(TM) rotary technology with its U.S. subsidiary REGI U.S., Inc. and is currently incorporating its latest winged rotor technology to dramatically improve sealing and reduce friction in the diesel Rand Cam(TM) engine. The Company is designing an oil pump for automobile transmissions for one of the big three car manufacturers in Detroit, as well as an air pump for the lumbar seats in automobiles.
The Company's goal is to license the technology and/or to participate in joint ventures to manufacture specific Rand Cam(TM) applications and the Hydrogen Separator Technology. |
