Date Set in Blackbird's Acquisition
OAKVILLE, ON / ACCESSWIRE / August 7, 2014 / Blackbird International Corporation (OTC Pink: BBRD) (BBRD) is pleased to announce that it has finalized the procedures for the acquisition of SDE Ltd. It had previously released news that it had exchanged a Letter of Intent with SDE Ltd for purposes of a merger. Blackbird shall acquire 100% of the shares of the target company in exchange for restricted stock.
The date for the signing of the Agreement is set for August 15, 2014.
"We are pleased to announce that the due diligences as well as all accessory issues, legal and accounting, have been resolved and that both parties are proceeding with the execution of the Agreement. The effective date of the transaction shall also be the closing date of August 15th," states John Pedder, president. "The last remaining procedural item is the nomination of the new board of directors which will be done at the closing date. As stated previously, this new opportunity represents a complete change of direction for the company and the change will 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."
Mr. Shmuel Ovadia, CEO, S.D.E. Ltd added, "We are pleased with the outcome as it fits perfectly into our strategic plans. Our technology is world leading and timely. We will provide more comprehensive updates to existing and potential shareholders following the merger transaction."
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