Nesscap Energy Inc. and RUSNANO Announce Global Financing and Agreement to Establish New Ultracapacitors Production Facility in
June 15 2011 - 1:04PM
Marketwired
Nesscap Energy Inc. (Nesscap) (TSX VENTURE: NCE), a global leader
in research, development and manufacturing of ultracapacitor
products, and Open Joint Stock Company RUSNANO (RUSNANO) today
announced that they have entered into a non-binding term sheet to
provide debt and equity financing to Nesscap for its global
expansion, including expansion of facilities in Korea and the
development of a manufacturing facility and a R&D centre for
Nesscap in Russia. Nesscap is a global leader in research,
development and manufacturing of ultracapacitor products.
It is anticipated that the proceeds of this financing will be
used towards expansion and general corporate purposes at Nesscap's
current Korean operations and to assist with the development of a
manufacturing facility and R&D centre in Russia through a
wholly-owned subsidiary of Nesscap.
Nesscap will continue to house its core R&D facility and
maintain its commercial factories and corporate headquarters in
Gyeonggi-Do, Korea.
"RUSNANO's investment will enable us to dramatically expand
operations in support of volume production for our ultracapacitor
products and to continue to advance our technology platform to
deliver on our broader long-term vision," said Dr. Sunwook Kim,
Chairman and CEO of Nesscap. "We are excited by the opportunity to
be supported by RUSNANO. This relationship provides Nesscap with
further validation of our technology and the confidence that we are
on track for significant growth in sales of ultracapacitors."
Nesscap and RUSNANO are currently undertaking mutual due
diligence investigations and the preparation of the definitive
transaction documents. The completion of this transaction is
expected to occur during the third quarter of 2011 and will be
subject to, among other conditions, the completion of the
financing, due diligence exercise, agreement on the transaction
documents and the approval of the final transaction documents by
the board of directors of Nesscap and the Executive Board of
RUSNANO as well as all required shareholders and regulatory
approvals and compliance with the policies of the TSX Venture
Exchange.
It is currently contemplated that, upon completion of the
transaction, the board of directors of Nesscap will be increased to
nine directors, seven of which would be the current directors of
Nesscap and one nominee of each of RUSNANO and the other investors
in the financing.
There can be no assurance the transaction contemplated above
will be completed, or if completed, what the final terms will
be.
About Nesscap
Since its inception in 1999, Nesscap Energy Inc. has become an
award-winning global leader in technology innovation and product
development of ultracapacitors. Attributes of the ultracapacitor
allow for the technology to be used in applications where power,
life cycle requirements or environmental conditions limit the
suitability of batteries or capacitors. Uniquely structured,
Nesscap products are used to replace or enhance the performance of
energy and power needs for modern applications ranging from
portable electronic devices to high-tech 'green' cars and are
available in both cells and modules. Nesscap features the widest
array of standard commercial products in the market from 3 farads
to 6,200 farads with industry recognized alternative organic
electrolytes. Customers of the Company include transportation,
power, and consumer markets. Technical and sales information can be
found at www.nesscap.com. Public filings of Nesscap are also
available on SEDAR at www.sedar.com.
About RUSNANO
RUSNANO was established in March 2011 as an open joint-stock
company through reorganization of Russian Corporation of
Nanotechnologies. RUSNANO's mission is to develop the Russian
nanotechnology industry through co-investment in nanotechnology
projects with substantial economic potential or social benefit. The
Government of the Russian Federation owns 100 percent of the shares
in RUSNANO. Anatoly Chubais is CEO and Chairman of the Executive
Board of RUSNANO. Work to establish nanotechnology infrastructure
and training for nanotechnology specialists, formerly conducted by
the Russian Corporation of Nanotechnologies, has been entrusted to
the Fund for Infrastructure and Educational Programs, a
non-commercial fund also established through reorganization of the
Russian Corporation of Nanotechnologies.
To learn more about RUSNANO, please visit www.rusnano.com.
Forward-Looking Statements
Included in this news release are matters that constitute
"forward-looking" information within the meaning of Canadian
securities law. Such forward-looking statements may be identified
by words such as "plans", "proposes", "estimates", "intends",
"expects", "believes", "contemplate", "may" or words of a similar
nature. There can be no assurance that such statements will prove
to be accurate. Actual and future events could differ materially
from such statements. Factors that could cause actual results to
differ materially include among others, the risk that the
transactions described in this release cannot be consummated in the
timeframe or on the terms described or on other terms acceptable to
the parties, regulatory risks, risk inherent in foreign operations,
commodity prices and competition. Most of these factors are wholly
or partially outside the control of Nesscap. All subsequent
forward-looking statements attributable to Nesscap or its agents
are expressly qualified in their entirety by these cautionary
comments. Except as otherwise required by applicable securities
statutes or regulation, Nesscap expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) has in any way
approved or disapproved of the contents of this press release.
Contacts: Nesscap Energy Inc. Debbie Bamforth Corporate
Communications 905-599-3322 dbamforth@nesscap.com www.nesscap.com
Open Joint Stock Company "RUSNANO" 10A prospect 60-letiya Oktyabrya
Moscow, 117036, Russia +7 495 988 53 88 +7 495 988 53 99 (FAX)
info@rusnano.com www.rusnano.com