BELLINGHAM, WASHINGTON--(Marketwired - Mar 31, 2014) - SUNVAULT ENERGY INC. (SVLT) ("Sunvault") ("the Company") is pleased to announce the purchase of 100% of Eco-West Transport Inc. SunVault sees this transaction as a value add operation to CleanGen of Alberta.
SunVault's board of directors ratified the transaction on Saturday March 29th, 2014. The purchase of 100% of Eco-West Transport is being completed through a share issuance of 3,333,334 Sunvault Energy shares for 100% of Eco-West Transport.
Each year CleanGen pays out approximately $1.5 Million in transportation costs. Approximately 1/3 of this is spent directly with Eco-West Transport. "Through this acquisition the company will increase revenue and increase transport shipments through its new subsidiary, rather than hiring third parties" stated Gary Monaghan, President & CEO of Sunvault Energy. "We plan to pursue additional acquisition opportunities that will be accretive and beneficial to our business growth" he further clarified, Sunvault Energy Inc. has made this acquisition to support the CleanGen group of companies and to create new opportunities for further roll-up/acquisition of businesses.
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 that are immediately accretive and that will facilitate it 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.