EVI and ARC Sign Joint Development Agreement to Develop Commercial Direct Methanol Fuel Cell Prototypes
CALGARY, Alberta, May 14 /PRNewswire/ -- Energy Ventures Inc. ("EVI") (OTC Bulletin Board: EGYV) and the Alberta Research Council Inc. ("ARC") have entered into a joint development agreement to create commercial prototypes of fuel cells utilizing EVI's proprietary direct methanol fuel cell ("DMFC") technology. Under the agreement, EVI and ARC will utilize ARC's premises in Calgary, Alberta to develop the DMFC technology. ARC will invest up to $3,000,000 (Canadian) through the provision of premises, research and laboratory facilities, ARC equipment, scientific personnel and other resources in exchange for the issuance by EVI of common shares to ARC at $1.237 (Canadian) per share, for the first $2,600,000 of resources and thereafter at the then current market price of EVI shares.
The project will be managed by a joint management committee, which includes representatives from both EVI and ARC. The signing of the agreement corresponded with the initial committee meeting, at which time the project plan and budget were unanimously approved.
EVI believes an exceptional technical management team has been established to direct the 10 scientists and engineers from both EVI and the ARC assigned to the program. The advisory team will include Dr. Karl Kordesch, professor emeritus at the Technical University of Graz, who has more than 40 years of Fuel Cell experience; Dr. Viola Birss, professor of Electrochemistry at the University of Calgary, and Dr. Rod McMillan, acting director general of the National Research Council (NRC) Innovation Centre and Director of the NRC Fuel Cell Program. EVI and the NRC have cooperated on battery and Fuel cell projects for more than four years; the NRC is also a shareholder in EVI. In addition, Karen Beliveau, director of ARC's Technology Commercialization office (TCO), will become a member of the Board of Directors of Energy Ventures Inc., and TCO employee, Mr. Dean Richardson, has been appointed project leader.
"Our joint venture with EVI is an example of how the Alberta Research Council works with industry to accelerate the development and commercialization of technology for the marketplace," says Karen Beliveau, director of Technology Commercialization.
Mr. Wayne Hartford, president of EVI says: "We are very pleased to be working with the ARC and the NRC, as it has allowed us to have a very aggressive plan for the commercialization of our technology. EVI believes the lack of fueling infrastructure is a serious hurdle for other systems, and in our opinion the low cost of our system combined with the availability and manufacturability of Methanol will allow us to put the benefits of fuel cell power into use in the market as early as next year."
EVI is a portable power technology developer and integrator, with activities in fuel cell and rechargeable battery technology. It develops and commercializes technology products that produce reliable and economical portable power and reduce pollution.
All information should be considered for information purposes only. No stock exchange has approved or disapproved of the information contained herein. This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur.
For further information, please contact Wayne Hartford, president of Energy Ventures Inc., 416-733-2736, fax, 416-733-8407, energyvi@istar.ca; or Karen Beliveau, director, Technology Commercialization Office of Alberta Research Council, 780-450-5203, fax, 780-469-5296, beliveau@arc.ab.ca.
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SOURCE Energy Ventures Inc.
CO: Energy Ventures Inc.; Alberta Research Council Inc.
ST: Alberta
IN: OIL
SU: JVN PER
05/14/2001 15:20 EDT prnewswire.com |
