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SunVault Energy signs contract with Bahamas IP firm

SunVault Energy Inc has announced that it has entered into an agreement for the purchase and sale of intellectual property with Millennium Trends International Inc, which is a Bahamas corporation, and SunVault Energy Holdings Inc, its wholly owned subsidiary. 

Source:
Date:
Updated:
SunVault Energy Inc
Thursday, August 8, 2013
Thursday, August 8, 2013

FAIRVIEW, TX Aug 8, 2013–(Marketwired) –  SunVault Energy, Inc. (OTCBB: SVLT) announces that it has entered into an agreement for the purchase and sale of Intellectual property (the “Agreement”) with Millennium Trends International, Inc., a Bahamas corporation, and SunVault Energy Holdings, Inc., its wholly owned subsidiary (together referred to as Millennium).


Under the terms of the Agreement, SVLT shall assign all of its rights, interests and its share of the SunGas “Joint Intellectual Property” (“JIP”) to Millennium of which it had 50% ownership. The “JIP” is a patent pending two-step process to convert a renewable energy source of electricity into natural gas by using carbon dioxide and converting it into acetic acid and then further into methane gas (natural gas). In consideration thereof, Millennium agreed to surrender for cancellation part of its holdings equal to 36,850,000 shares of the SVLT’s common stock. Millennium shall assign all of its rights and full title to the “Millennium Intellectual Property” to SVLT for 20,000,000 SVLT common stock purchase warrants priced at $2.00.

The “Millennium Intellectual Property” being transferred is its rights to SunVault’s “All-in-One Solar” and four patent applications and rights associated to the “JIP.”

John Crawford, President SunVault Energy, Inc., states, “The signing of this Agreement will help facilitate the rationalization and consolidation of our technology holdings.”

Management and Millennium sees this reduction in the number of shares outstanding to 64 million as a great improvement in SVLT’s share capital structure, which should create further shareholder value. The Millennium group will continue to be the largest shareholder group of SunVault and sees this transaction as win for all parties by allowing SunVault to focus on its core technologies.

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. SunVault’s mandate is to deploy its platform in an attempt to eliminate the monthly electricity bill for anyone who uses electricity thereby positively impacting the lives of 6 billion people around the world. Neither the platform technology nor ensuing product roadmap are anticipated to be dependent upon government subsidy or tax incentive programs to create product demand.

For more information, visit the SunVault Energy website at http://www.sunvaultenergy.com/.

For corporate information, send email to question@sunvaultenergy.com.

Safe Harbor: Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.

He started his zoology degree in rainy Manchester, but now CJ Crooks is head of media at the world-renowned Sharklab in The Bahamas.

With second-quarter earnings largely in the books, this chart provides some long-term perspective on the current earnings environment, as reported by S&P 500 earnings over the last 100 years.

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