OAKVILLE, ON--(Marketwired - Jun 9, 2014) - Blackbird International Corporation (PINKSHEETS: BBRD) is pleased to announce that it has it exchanged a Letter of Intent from SDE Ltd for purposes of a merger by which Blackbird would acquire 100% of the shares of the target company.
"We are delighted to announce the exchange of a mutually acceptable Letter of Intent (LOI) to acquire the outstanding shares of SDE Ltd," states John Pedder, president. "The LOI is the precursor to a definitive agreement and share exchange which are on track to be completed very soon and no later than the end of this month. Both companies have undertaken their respective due diligence and foresee no major obstacles in moving to the next stage. As stated previously, this new opportunity represents a complete change of direction for the company and the chance to create long lasting shareholder value. We are very excited by the growth prospect provided by SDE Ltd world leading technology. The shareholders will be kept informed of developments."
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.
The Israeli company has a significant order book and proven track record of installations across the globe. SDE currently 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.