BELLINGHAM, WASHINGTON--(Marketwired - Apr 15, 2014) - SUNVAULT ENERGY INC. (SVLT) ("Sunvault") ("the Company") is pleased to announce that it has signed an agreement to acquire 100% of the assets of Werkman Transport. SunVault sees this acquisition as an immediate value add operation to CleanGen of Alberta. The agreement is subject to standard closing documents and due diligence.
Werkman Transport has been in business since 2008 and has approximately $4.8 Million in annual sales with an EBITDA of approximately $800,000 per year. CleanGen will immediately add additional revenues to the business from the $1.5 million it currently spends on transportation, as well as reduce operating costs at Eco-West.
The agreement is to acquire the assets of Werkman Transport for $2,700,000 USD payable in shares of Sunvault Energy. The first tranche of shares equal to One Million ($1,000,000 CDN) will be issued at a price of .20 cents per share for the asset acquisition is payable on closing. The second tranche of shares to be issued after six months from the closing date at a price per share to be at market or no less than .40 cents per share.
"With this agreement, we believe we will be able to consolidate CleanGen's transportation needs under one professional management group and serve the needs of CleanGen and others. This will create an opportunity to further consolidate transportation service in the Alberta marketplace," stated Gary Monaghan, President & CEO.
Recently, Sunvault acquired Eco-West Transport and the company plans are to combine Eco-West Transport and assets from Werkman Transport under one professional management team lead by Jason Werkman. To this end and as part of the agreement, the company will enter into a 5 year management agreement with 1305140 Alberta Ltd who will manage Sunvault Energy transportation assets.
SunVault intends to continue to increase its ability to affect and maximize revenue through its various supply chain acquisitions.
About CleanGen Inc:
CleanGen Inc. (CGI) is developing and acquiring assets to create a group of companies that will specialize in utility infrastructure and environmental solutions. The Company is deploying a renewable and green business strategy for its current and future business opportunities.
CleanGen is building Aboriginal business partnerships that recognize the cultural attributes of these relationships. These businesses create sustainable management, employment and training skills, as well as investment, and revenue sharing opportunities for our Aboriginal business partners.
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.