CNUV - WKN: A0MY40 - China Nuvo Solar Provides Update on Freya Acquisition
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
RECENT ACQUISITION ANNOUNCEMENT!
China Nuvo Solar Announces Plans to Acquire Lithium Ion Battery Manufacturer Freya Energy Inc.Business Wire (Wed, Mar 9)
WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- China Nuvo Solar Energy, Inc. (OTCBB: CNUV) today announced plans to acquire lithium ion battery company Freya Energy Inc. (“Freya”). The parties have executed a non-binding Letter of Intent (“LOI”) and are moving toward the signing of a definitive agreement over the next sixty days. Pursuant to the terms of the LOI, China Nuvo Solar would acquire one hundred percent of the outstanding common stock of Freya. Further details of the agreement will be released in the near future. The Company will continue to trade under the stock ticker “CNUV” with Freya becoming a wholly owned subsidiary of the alternative energy parent.
WHO IS FREYA ENERGY?
Freya is a producer of safe large format lithium ion cells and batteries for demanding applications. Freya believes its proprietary separator provides greater safety than competitive products and provides a higher energy density than others on the market.
Freya's technology is protected by patent filings, ready for manufacture and requires no additional research and development. Freya has developed a commercialization plan for rapid market entry. Its personal relationships with known and established customers, positions the company for timely sales in the United States and Europe. Subject to initial funding and satisfactory prototypes, Freya has several million dollars in letters of intent that can be converted to purchase orders.
FREYA ALREADY HAS MILLIONS OF DOLLARS IN ORDERS READY FOR FINAL PROTOTYPES!
"We are very encouraged about the commercialization of our technology, as evidenced by the multi-million dollars in order commitments we have received, subject to the delivery of satisfactory prototypes.”
China Nuvo Solar Energy Aktie ISIN: US16942T1034 | WKN: A0MY40 | Symbol: TZS
http://www.solardaily.com/reports/...Ion_Cells_And_Batteries_999.html
http://www.solarnovus.com/...41:applications-tech-news&Itemid=245
http://www.businesswire.com/news/home/...reya-Energy%E2%80%99s-Unique
Low Fl.oater - Very Tight and Very explosives Great Stock - My personally Target: 1+ U$ +++
.
China Nuvo Solar Engy (QB) (USOTC:CNUV)
Historical Stock Chart
1 Month : June 2011 to July 2011
&&&
China Nuvo Solar Energy, Inc. (OTCQB:CNUV) updated today its progress with the previously announced Freya Energy, Inc. acquisition. Although the current Letter of Intent has expired, the parties are continuing the negotiations for a stock purchase agreement regarding a number of issues, but have not reached agreement on the issues under discussion. In addition, the company has not been able to finalize a term sheet to meet the financing conditions for closing. None of the term sheets presented in final analysis met the previously announced criteria that they be substantially non-dilutive and non-toxic to existing shareholders. The Company continues to seek financing alternatives that would meet these requirements, but can make no assurance that it will be successful in doing so.
About Freya Energy
Freya is a producer of safe large format lithium ion cells and batteries for demanding applications. Freya believes its proprietary separator provides greater safety than competitive products and provides a higher energy density than others on the market.
Freya's technology is protected by patent filings, ready for manufacture without the need for additional research and development. Freya has developed a commercialization plan for rapid market entry. Its personal relationships with known and established customers position the company for timely sales in the United States and Europe. Subject to initial funding and satisfactory prototypes, Freya has millions of dollars in letters of intent that can be converted to purchase orders.
Freya has an experienced management and technical team led by well respected innovators in battery technology.
About China Nuvo Solar Energy
China Nuvo Solar Energy, Inc. is a development stage company that owns unique patent pending solar and photovoltaic related technology. The Company's business model includes a roll-up strategy of clean energy companies and intellectual property within the renewable energy sector.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
- Current report filing (8-K)
.twitter-share-button {margin:2px 0 0 6px} #article_body p{margin:0 0 15px 0;padding:0}
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or
15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported):
June 28, 2011
CHINA NUVO SOLAR ENERGY, INC.
(Exact Name of Registrant as Specified in Charter)
§
Nevada 333-48746 87-0567853
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
319 Clematis Street, Suite 703
West Palm Beach, Florida 33401
(Address of Principal Executive Offices, Zip Code)
Registrant’s telephone number, including area code: (561) 514-9042
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
. Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
. Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
. Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
. Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.03. Material Modification to Rights of Security Holders.
On June 28, 2011, the Company filed a Certificate of Amendment to Certificate of Designations for its Series A Preferred Stock whereby the Company and the holders of the Series A Preferred stock agreed to extend the Mandatory Conversion date for the Series A Preferred Stock to June 28, 2014. Additionally, the Company and the holders of the Series A Preferred Stock amended the Conversion formula, whereby the shares of preferred stock convert to an amount of shares of common stock that are equal to (i) 100% of the Stated Value divided by (ii) 50% of the average of the three lowest day closing bid prices of the Company’s common stock for the 10 trading days immediately preceding the Mandatory Conversion Date (the “Conversion Shares”).
A copy of the Certificate of Amendment to Certificate of Designation of Series A Preferred Stock is attached hereto as Exhibit 3.1, and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a)
Not applicable.
(b)
Not applicable.
(c)
Not applicable.
(d)
Exhibits.
§
Exhibit Description
3.1 Certificate of Amendment to Designation of Series A Preferred Stock ( filed herewith )
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
§
§CHINA NUVO SOLAR ENERGY, INC.
Date: July 1, 2011 By: /s/ Barry S. Hollander
Barry S. Hollander, Principal Accounting Officer
§
$$$$$$$$$$$$$$$$$$$$$ STRONG BUY $$$$$$$$$$$$$$$$$$$ |
Thread abonnieren
