VRB Power's Subsidiary Pinnacle Approves Share Cancellation and Asset Transfer
Monday December 20, 9:30 am ET
VANCOUVER, Dec. 20 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB - News) is pleased to announce that at the Annual General Meeting of Pinnacle VRB Ltd. held on December 20, 2004, all of the appropriate resolutions to complete the terms of the Revised Implementation Agreement announced October 27, 2004 were passed by its minority shareholders. The sale of VRB Power's Pinnacle shares, transfer of patents and other conditions required to satisfy formal completion are scheduled to occur in late January 2005.
About VRB Power
Based in Vancouver, B.C. Canada, VRB Power Systems Inc. ("VRB Power") is an electrochemical energy storage company that has commercialized the patented Vanadium Redox Battery Energy Storage System ("VRB-ESS") and has acquired the intellectual property rights and assets comprising the Regenesys Energy Storage System ("RGN-ESS") for the purpose of developing similar but larger scale flow battery systems. Both technologies represent a new enabling capability to effectively store electricity on demand. They can provide direct economic benefits to utilities and end users in terms of improved power quality, reliability and energy efficiency. They are particularly well suited to load levelling (peak shaving), electrical power arbitrage, grid stability enhancements, capital deferment and Remote Area Power Supply (RAPS) applications. The company is primarily focused on stationary power sources such as utility substations, commercial buildings, production facilities, telecommunication operations, cellular radio sites, and renewable resource generation such as wind farms - creating the ability to provide "firm" capacity. As "green" technologies, the VRB-ESS and RGN-ESS are characterized by very low ecological impact and are unlike most other conventional energy storage systems that rely on toxic substances such as lead, zinc or cadmium. VRB Power is publicly listed on the TSX Venture Exchange ("VRB") and the OTC Pinksheets ("VRBPF").
Warning: The Company relies upon litigation protection for
"forward-looking statements"
"The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release"
Vince Sorace
President, VRB Power Systems Inc. |
