CellCube Energy Storage Systems (CUBE-Cse) Proposed Transaction with Pedro Resources (PED.H-V)
Oct 3rd 2019 - NR
CellCube Energy Storage Systems and for and on behalf of its wholly-owned subsidiary Enerox GmbH (“Enerox”) and Pedro Resources (collectively, CellCube and Pedro are referred to as the “Parties”), are pleased to announce that they have entered into a non-binding term sheet (the “Term Sheet”) pursuant to which, among other things, Pedro intends to purchase all of the assets of EnerCube Switchgear Systems Inc. (“EnerCube”) and PowerHaz Energy Mobile Solutions Inc. (“PowerHaz”), subsidiaries of CellCube (the “Proposed Transaction”).
Details of the Proposed Transaction
Pursuant to the Term Sheet, Pedro has agreed to purchase, through a subsidiary, the assets (the “Assets”) of EnerCube and PowerHaz which are comprised of intellectual property, patents, trademarks, equipment and commercialization rights used in connection with the production of large and small vanadium redox flow batteries. This is an Arm’s Length Transaction. Consideration for the Assets consists of payment of $1,750,000.00 of cash and securities yet to be determined to acquire the Assets (the “Purchase Price).
The completion of the Proposed Transaction is subject to a number of conditions, including all necessary corporate and regulatory approval, including approval of the Canadian Securities Exchange (the “CSE”) and the TSXV.
About CellCube Energy Storage Systems Inc.
CellCube is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and the Frankfurt Exchange (Symbol 01X, WKN A2JMGP) focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry under the subsidiary company, Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. CellCube’s other related subsidiary is EnerCube Switchgear Systems Inc., which designs, manufactures, assembles, and tests and complete range of dependable power control systems. The Company has also invested in an online renewable energy financing platform, Braggawatt Energy Inc.
CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has over 136 project installations and a 10 year operational track record. Its highly integrated energy storage System solutions features 99% residual energy capacity after 11,000 cycles (cycling daily for 28 years) and larger scale containerized modules. Basic building blocks consist of a CellCube unit family with 4, 6 and 8 hours variation in energy capacity.
About Pedro Resources Ltd.
Pedro Resources Ltd. is a Canadian exploration company listed on the TSX Venture Exchange (symbol PED.H) focused on vanadium exploration and development.
For further information please contact:
CellCube Energy Storage Systems Inc.
Stefan Schauss, CEO, Director
Email: info@cellcubeenergystorage.com
www.cellcubeenergystorage.com
Pedro Resources Ltd.
Deborah Jones, Corporate Communications
Telephone: 647-946-2192
www.pedroresources.ca |
