BELLINGHAM, WASHINGTON--(Marketwired - Mar 25, 2014) - SUNVAULT ENERGY INC. (SVLT) ("Sunvault") ("the Company") (CleanGen Inc.) is pleased to announce that Sunvault Energy recently acquired the majority of the issued and outstanding preferred shares in CleanGen Inc. With the preferred share purchase, Sunvault Energy Inc. now owns an approximate 56 % interest in CleanGen Inc. and its subsidiary companies on a fully diluted basis.
"We are very pleased with the CleanGen operation, its excellent opportunities and high quality of executives and staff" says Gary Monaghan, President and CEO of Sunvault Energy. "This will be a high growth company whose vision is very synergistic to our own" he commented.
With this control position in the operations of CleanGen, Sunvault will be able to contribute to the advancement, growth and net revenue in a number of areas that CleanGen is operating.
About CleanGen Inc:
CleanGen Inc. (CGI) is developing and acquiring assets to create a synergetic group of companies that specialize in environmental solutions through the application of clean, green technologies and products while working with Aboriginal peoples, their communities and organizations.
About Sunvault Energy Inc:
Sunvault Energy Inc. is committed to bringing cost effective generation and energy storage to the solar industry through a seamless, novel and simultaneous integration of energy generation and storage at the molecular level. This technical approach is a first and has the potential to enable the lowest overall system cost at maximum efficiency.
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.