Pedro Resources Announces Transaction With CellCube Energy Storage Systems Inc.
VANCOUVER, British Columbia, Oct. 03, 2019 (GLOBE NEWSWIRE) — Pedro Resources Ltd. (TSXV: PED.H) (the “Company”) wishes to announce that they have entered into a non-binding term sheet (the “Term Sheet”) pursuant to which, among other things, Pedro intends to purchase all of the assets of Enercube Switchgear Systems Inc. (“Enercube”) and PowerHaz Energy Mobile Solutions Inc. (“PowerHaz”), subsidiaries of CellCube (the “Proposed Transaction”).
Details of the Proposed TransactionPursuant to the Term Sheet, signed on September 30, 2019, Pedro has agreed to purchase, through a subsidiary, the assets (the “Assets”) of Enercube and PowerHaz which are comprised of intellectual property, patents, trademarks, equipment and commercialization rights used in connection with the production of large and small vanadium redox flow batteries. This is a Non-Arm’s Length Transaction as the two companies share the same CFO, John Dyer. Consideration for the Assets consists of payment of $1,750,000.00 of cash and securities yet to be determined to acquire the Assets (the “Purchase Price”). The majority of the funds to pay for the purchase will come from a financing.The completion of the Proposed Transaction is subject to a number of conditions, including all necessary corporate and regulatory approval, including approval of the Canadian Securities Exchange (the “CSE”) and the TSXV. This is a fundamental acquisition that may result in Pedro reactivating to Tier 1 or Tier 2 of the TSX.V.About Pedro Resources Ltd.Pedro Resources Ltd. is a Canadian exploration company listed on the TSX Venture Exchange (symbol PED.H) focused on Technology, vanadium exploration and development.About CellCube Energy Storage Systems Inc.CellCube is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and the Frankfurt Exchange (Symbol 01X, WKN A2JMGP) focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry under the subsidiary company, Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. CellCube’s other related subsidiary is EnerCube Switchgear Systems Inc., which designs, manufactures, assembles, and tests and complete range of dependable power control systems. The Company has also invested in an online renewable energy financing platform, Braggawatt Energy Inc.CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has over 136 project installations and a 10 year operational track record. Its highly integrated energy storage System solutions features 99% residual energy capacity after 11,000 cycles (cycling daily for 28 years) and larger scale containerized modules. Basic building blocks consist of a CellCube unit family with 4, 6 and 8 hours variation in energy capacity. For further information, contact Corporate Communications, at 647-946-2249 or visit the Company’s website at www.pedroresources.caOn behalf of the Board,Pedro Resources Ltd.Brian Stecyk, Corporate Communications Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release may contain forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.