KELOWNA, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - SUNVAULT ENERGY INC. (SVLT) ("Sunvault") ("the Company") is pleased to announce that the Company has completed construction on the new building located at the (CleanGen Inc.) Cutting Edge site; just outside of Ponoka, Alberta.
The addition of this building is to house the new Tire Processing Plant for the Company. Company executive were recently in Utah coordinating the delivery of the equipment that will be installed in the new building.
"Building construction was completed relatively quickly and will contribute to our continued growth," said Gary Monaghan, President & CEO of Sunvault Energy. "Our new plant will be one of a few in the world that can process GTO (Giant Mine Tires) and OTR (Off the Road) Agriculture tires," he continued.
Samples of the product that can be produced at this facility were recently reviewed by Company executive and the product being produced for the landscaping industry as a rubberized "bark" mulch product is exceptional. The company is in process of developing contracts for ongoing delivery of the product and will advise further as the equipment installation phase is completed and the contracts are solidified.
The Company would also like to advise that in reference of the closing of the acquisition of CleanGen (1454004 Alta Ltd) (the "Vendor"), that the actual closing of the transaction, per the conditions precedent within the purchase agreement between the two parties, has been completed and that the effective date of closing of the acquisition is March 13th, 2014. On March 1st, 2014 the purchase of CleanGen was approved by the board of directors by board meeting; on March 7th, 2014, the Sunvault shares as payment for the acquisition were issued by the transfer agent; on March 10th, 2014 a change of shareholders was filed by 1454004 Alberta Ltd whereby Sunvault became a 100% shareholder of 1454004 Alberta Ltd.; and on March 13th, 2014 pursuant to the agreement a share swap was conducted, Sunvault received 100% of 1454004 Alta Ltd, by receipt of physical share certificate and the Vendor received a total of 19,500,000 Sunvault shares by exchange of certificates.
Sunvault Energy has begun a course of action to build a solid foundation of revenue producing company units. The addition of the Tire Processing Plant will contribute to that Company initiative.
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.