FAIRVIEW, TX--(Marketwired - Aug 7, 2013) - SunVault Energy, Inc. (
Under the terms of the Agreement, SVLT shall assign all of its rights, interests and its share of the SunGas "Joint Intellectual Property" ("JIP") to Millennium of which it had 50% ownership. The "JIP" is a patent pending two-step process to convert a renewable energy source of electricity into natural gas by using carbon dioxide and converting it into acetic acid and then further into methane gas (natural gas). In consideration thereof, Millennium agreed to surrender for cancellation part of its holdings equal to 36,850,000 shares of the SVLT's common stock. Millennium shall assign all of its rights and full title to the "Millennium Intellectual Property" to SVLT for 20,000,000 SVLT common stock purchase warrants priced at $2.00.
The "Millennium Intellectual Property" being transferred is its rights to SunVault's "All-in-One Solar" and four patent applications and rights associated to the "JIP."
John Crawford, President SunVault Energy, Inc., states, "The signing of this Agreement will help facilitate the rationalization and consolidation of our technology holdings."
Management and Millennium sees this reduction in the number of shares outstanding to 64 million as a great improvement in SVLT's share capital structure, which should create further shareholder value. The Millennium group will continue to be the largest shareholder group of SunVault and sees this transaction as win for all parties by allowing SunVault to focus on its core technologies.
About SunVault Energy, Inc.:
SunVault Energy, Inc. is committed to bringing cost effective generation and energy storage to the solar industry through a seamless, novel and simultaneous integration of energy generation and storage at the molecular level. SunVault's mandate is to deploy its platform in an attempt to eliminate the monthly electricity bill for anyone who uses electricity thereby positively impacting the lives of 6 billion people around the world. Neither the platform technology nor ensuing product roadmap are anticipated to be dependent upon government subsidy or tax incentive programs to create product demand.
For more information, visit the SunVault Energy website at http://www.sunvaultenergy.com/.
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