China Nuvo Solar Provides Update on Freya Acquisition
May 09 2011 - 9:00AM
Business Wire
China Nuvo Solar Energy, Inc. (OTCQB: CNUV)
updated today its progress with the previously announced Freya
Energy, Inc. acquisition. The Company anticipates that it will
execute a definitive agreement within the next two weeks. The
parties had original targeted completion of the definitive
agreement within 60 days, however, the Letter of Intent called for
a period of up to 90 days. Because of various delays in completion
of due diligence resulting from the complex technology involved and
the concomitant preparation of legal documentation, the previously
announced sixty day period has been extended for approximately two
weeks, but well within the agreed upon 90-day period.
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.