OAKVILLE, ON / ACCESSWIRE / September 11, 2014 / Blackbird International Corporation (BBRD) is pleased to announce that it has finalized the acquisition of Wave Electricity Renewable Power Ocean (WERPO). It had previously released news that Blackbird shall acquire 100% of the shares of the target company in exchange for restricted stock.
Due to the complexity of merging an American company, regulated in the US jurisdiction with an Israeli company which is subject to its own regulatory procedures, the attorneys representing SDE Inc are making changes to the Agreement by which Blackbird will merge with a company bearing the name Wave Electricity Renewable Power Ocean (WERPO). Shmuel Ovadia explains, "This Company shall own all of SDE's technology, IP and know-how, as well as all of SDE's holdings in its subsidiaries, and will be assigned all of SDE's activity and agreements."
The Parties are pleased to announce that they have signed the Agreement by which Blackbird acquires all the outstanding shares of Wave Electricity Renewable Power Ocean.
The Agreement is binding and irrevocable and shall become effective September 30, 2014 following a required regulatory delay. There are no further procedures or conditions to be met.
John Pedder, president of Blackbird adds "We both understand that the shareholders are disappointed with the delays that were incurred. These delays were not due to any conflicts in the due diligence process but the parties, Blackbird, SDE Ltd and Wave Electricity Renewable Power Ocean are subjected to external procedural constraints and regulatory body confirmations. The summer vacation period did not always permit all internal and external interested parties to be in sync within this process."
Blackbird is very excited by the recent developments at SDE and Wave Electricity Renewable Power Ocean and anticipate additional announcements following the effective date.
About SDE Ltd.
S.D.E.'s technology is based on the utilization of sea waves to yield hydraulic pressure that produces electricity while exploiting the full potential of wave speed, height, depth, rise and fall, and currents beneath the surface of the water. Scientists from around the world claim that using 1% of wave energy can provide the equivalent electricity of 500 times the world energy consumption. Energy density in waves is high compared with other renewable energy sources such as wind power and solar power. Over a year, the energy output is approximately 3 times that of solar or wind technology.
Results and experimental fieldwork conducted in Israel and abroad indicate that the energy production from sea waves by SDE's technology cost of 2-6 cents for 1KW, a significantly lower cost compared to other renewable energy technologies (for example, wind energy – 12 cents, Solar Energy 16 cents).
In addition, SDE's technology allows an annual output of 65% – significantly higher yield compared to other renewable energies (wind energy – an annual output of 24%, solar energy an annual output of 22%). One added benefit of the technology, says the company, is that it bears low production costs of 2 cents per kilowatt-hour only, though governments are willing to pay between 8 and 44 cents per kWh for use of the system.
One added benefit of the technology, says the company, is that it bears low production costs of 2 cents per kilowatt-hour only, though governments are willing to pay between 8 and 44 cents per kWh for use of the system.
SDE was selected by a team of international scientists as number one in the world in Sea Wave Energy Technologies, numbers six in Tidal Energy and River Energy, and was ranked as one of the Top 100 Clean Energy Technologies. SDE had been invited to Ecuador by the minister of renewable energy and electricity to come and introduce its unique technology. Ecuador has special interest in building Sea Wave power plants in different protected fragile sites around the Galapagos Island such as Isla Santa Cruz, Isla Isabela, Isla San Cristobal,Isla Baltra and Isla Floreana.,
The Israeli company with its proven track record of installations across the globe has several projects around the world with government entities as well as with the private sector. SDE has established 11 joint ventures with local partners in 9 different countries including a second project in China.
About Blackbird International Corporation
Blackbird International Corporation
(www.blackbirdinternationalcorporation.com) is the sole shareholder of Insight Group Technologies Inc. which is an industry leader in the design and delivery of supply chain planning, optimization and execution systems. Insight has the unique ability to incorporate the strategic development, deployment and execution of software for the Supply Chain industry.
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 press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
SOURCE: Blackbird International Corporation