TKRN Tekron Signs Letter Of Intent
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 13, 2001--TEKRON, INC. (OTCBB:TKRN - news) announced today it has completed a Letter of Intent with REVA Technologies Corp., for the sale of REVA Technologies Corp., a wholly owned Subsidiary.
In consideration, REVA Technologies will transfer to Tekron 50% of the issued and outstanding shares of REVA Technologies and the Exclusive World-wide License for Distribution.
REVA Technologies Corp., is a designer and manufacturer of reliable Energy Vehicle Alternatives, focusing on Electric Utility Vehicle solutions for the LSV (Low Speed Vehicle) markets globally. Based in London, Ontario, Canada, REVA has successfully developed its electric utility vehicle for adaptation to multi-purpose applications, as a zero emission Airport Ground Support Vehicle, Inside Industrial Plant Vehicle, Gated Community NEUV (Neighborhood Electric Utility Vehicle), etc.
The world demand for cleaner air in the world's major cities has brought federal governments to adapt a ``green'' environmental policy for the implementation of AFV (Alternative Fuel Vehicles). These government policies are just starting to be enforced upon their agencies to acquire and utilize AFVs. The initial market includes, but not limited to federal, state/provincial and municipal government agencies (including agriculture, correctional institutions, parks, etc), military bases, major airports and large industrial plants, etc. Commitments for 5 year contracts to supply hundreds of REVA-EUV's annually are forthcoming.
Future development and implementation of REVA's technology will include; vehicle compliance for on-road legal high-speed delivery and courier vehicles, hybrid and fuel cell vehicles. R&D is already underway in the development of a hybrid utility vehicle.
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to develop and expand its business. Actual results may differ materially from the results anticipated and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among other things, the Company's limited operating history, its limited financial resources, intense competition within the technology industry, incapacity to market and develop its technological capacities, difficulties and risks associated with operating in foreign jurisdictions, domestic and global economic conditions and conditions of the equity markets. More information about the potential factors that could affect the Company's business and financial results is and will be included in the Company's filings with the Securities and Exchange Commission.
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Contact:
Tekron Inc.
William P. Kefalas, 416/679-0707 |
