BELLINGHAM, WASHINGTON--(Marketwired - Apr 24, 2014) - SUNVAULT ENERGY INC. (SVLT) ("Sunvault") ("the Company") announced today that further to its press release of October, 2013, that the Company has reached agreement with BCI Renewables to acquire 100% of an Assignment and Amendatory Agreement and gain a 100% interest in an affiliate of BCI Renewables, a special purpose vehicle (SPV), that owns the Gregos Peloponnisoy Solar Park.
The purchase price relating to the 100% equity stake in the SPV is approximately 4,293,000 Euros ($5,921,787 US) less assumed project financing debt and subject to other adjustments.
The Company had previously signed an agreement for an 80% interest in two solar parks, but through a diligence process has determined to move to a 100% interest in one solar park rather than an 80% interest in two solar parks.
The acquisition dates are as follows: 30% of the purchase price by June 15th, 2014, 20% of the purchase price by July 31st, 2014, 20% of the purchase price by December 30th, 2014 and the final 30% of the purchase price by June 30th, 2015.
The transaction is subject to a successful filing of an S1 with the regulators so the necessary shares to be issued to the sellers are registered and fulfillment of the acquisition date requirements within the agreement can be achieved. The shares registered under the S1 will be done at .60 cents per share.
According to BCI Renewables, the solar project has combined annual gross revenues exceeding 800,000 Euros ($1,100,000 US) that are derived from existing power purchase agreements (PPAs). This represents an aggregate of approximately $22,000,000 in revenue over the term of the existing PPAs.
Sunvault expects the revenue stream derived from the acquisition of the SPV to facilitate a portion of the capital necessary to contribute to the concentration on commercializing its technology portfolio.
The solar park, owned by Photovoltaika Chersou Ltd, is located in the municipality of Herso in Northern Greece and is 1.5 Megawatts in size. The project has a PPA with the local government controlled energy utility securing the sale of total energy produced from this solar park for a period of 20 years at a rate of EUR0.37283/kWh ($0.50/kWh).
Since its inception in 2000, BCI Renewables is one of the first and most successful companies participating in the Greece renewable energy market. BCI has constructed an additional eleven solar projects in conjunction with 25 Megawatts of wind power in Greece and is an ISO 9001:2008 certified EPC contactor for PV projects.
"Sunvault continues to add long term revenue streams that are consistent, reliable and provide stabilizing income growth that the Company requires while we roll out our significant technology platform" stated Gary Monaghan, President & CEO. "This agreement could initiate additional opportunities on other power generating projects with similar positive attributes for Sunvault" he commented.
Sunvault will continue to seek out additional acquisition opportunities as they fit into the Company's mandate and growth plans.
The Company also reports that they have been recently notified that a share cancellation mentioned in the company press release of March 5th, 2014 of 35 million shares is in dispute by two directors that claim to be in authority at Millennium Trends International and Westpoint, two Bahamian companies. The Company would like to advise its shareholders and stakeholders that this matter is being attended to from a legal perspective. Sunvault Energy's position is that these shares are cancelled. The board of directors recently passed a motion at a recent board meeting to seek legal recourse against certain directors of Millennium and Westpoint to confirm the shares totaling 35 million shares are legally and authoritatively cancelled. The share structure as reported in the companies recently filed 10K audited annual report is correct and includes the 35 million shares as part of the total issued and outstanding. We will update this issue as we receive more information.
In a recent board meeting, the Company has determined to dual list on both the OTCQB where it is listed currently and also on the Canadian Securities Exchange (CSE). This direction will open up the Company to investors within an area where the company has operations and also allow the company to do the work necessary to list on the Frankfurt exchange. The Company will advise as it files its application to the CSE and Frankfurt exchanges. As part of this change of direction and also recognizing where corporate management is now situated, the Company will be changing its registered address to 107 - Portside Court, Kelowna, BC V1V 1T2.
About Sunvault Energy Inc:
Sunvault Energy Inc. is committed to bringing cost effective energy generation and energy storage to the solar industry through a seamless and novel integration of energy generation and storage. This technical approach is a first and has the potential to enable the lowest overall system cost at maximum efficiency. SunVault has further diversified by acquiring companies or assets that are immediately accretive and that will facilitate into the owning of quality non- cyclical assets.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that working with Universities will expedite Sunvault technology into real world applications, the ability to reduce the required footprint and cost associated to traditional solar energy generation, collection and storage, or that the technology has the potential to revolutionize how solar energy is generated, stored and utilized.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, our ability to achieve the expected benefits from the development agreement. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.