Mass Megawatts Announces $220,500 Debt Cancellation Agreement to
Improve Financing and Sales of a New Product to be Announced on
July 11
WORCESTER, MA -- June 28, 2024 -- InvestorsHub NewsWire
-- Mass
Megawatts (OTC:
MMMW) announces that all parties of the debt related to four
debt agreements have agreed to cancel the debt without any issuance
of stock or other debt. In addition, stock option agreements
related to the conversion of the debt to stock at fixed prices
between 0.4 cents and 0.72 cents were also cancelled.
The
potential issuance of 39,725,000 shares was avoided. The company
currently has only 178,514,579 shares outstanding and a market
capitalization of $760,000. As
of today, Mass Megawatts only has $150,000 accounts payable related
debt remaining and no stock options outstanding. The potential for
stock dilution with derivatives was eliminated. Since the debt
holder is a shareholder, everyone benefits from eliminating those
obstacles toward creating value and improving the long-term goals
for Mass Megawatts.
On July
11, Mass Megawatts will announce details of a new solar
photovoltaic concentration innovation that improves output for
stationary solar projects without the need of a tracker or any
moving parts. The improvement will generate more than 2.5 times the
power output for very little additional cost in comparison to
similar solar panels without the modifications. A major benefit of
the innovation is the reduced obstacles to production and customer
acceptance. The need to have multiple bearings, new software,
tracker motors, and moving platforms reduced the interest in the
trackers for potential customers.
The
elimination of the debt and stock options will benefit the
company's ability to finance, produce and sell the new
product.
In the
past, other products including the solar tracker shown in a video
on our web site
www.massmegawatts.com , were
introduced that may take several years before commercialization
unlike the new stationary concentrator being announced in July
which can be produced and sold immediately. Mass Megawatts
announced improvements toward cost reductions using the patent
pending cost cutting concentrated solar power technology. We have
two patent pending versions of concentrated solar technology. One
is related to additional output for photovoltaic cells and the
other is related to concentration of heat to operate a new and
improved patent pending Sterling engine to produce
electricity.
The
Concentrated Solar Sterling Engine innovation brings the best
substantial cost saving improvements toward delivering solar
generated electricity. The unique cost competitive solar
concentration section using low-cost material generally used by
canvas buildings are placed onto of the solar tracker platform
works well with our solar tracker. It helps concentrate the solar
rays onto the heat piston section of the Sterling Engine.
The
low-cost canvas material is already approved by structural
engineers for buildings with the canvas like material having an
expected life of 30 years,
In
addition to the low-cost concentrator, the improved Sterling engine
reduces the mechanical issues related to pistons and its
applications. In the heat displacer and piston, a rectangular
extension with the four walls comprises rollers to avoid the need
for precision and avoid friction when the parts are moving. The
cost reduction related to robust simplicity also reduces long term
maintenance issues related to traditional piston
technology.
Traditional
Sterling engine pistons have a high service cost related to the
harsh conditions the piston rings must endure. There is high
temperature and high sliding velocities which can cause excessive
wear and tear. As a result, short replacement intervals of piston
rings and sometimes cylinders may be needed to maintain high
efficiency. The innovation is a low-cost method to increase the
replacement interval and reduce the service cost. The rectangular
extension supports the piston during its mechanical process
involving high temperatures, high sliding velocities and the
non-lubricated operation related to the pistons. The addition to
the reinforcement rectangular extension method also reduces
unwanted spikes in temperature and friction which causes an
acceleration of piston related wear and tear.
The
several new technologies are important additions and applications
of its patent pending solar tracker. A video on the home page
of
www.massmegawatts.com summarizes
the patent pending solar tracker.
The company's Solar
Tracking System (STS) is a new patent pending product that
significantly reduces the payback period for solar power
investments. It is designed to automatically
adjust the position of solar panels to directly face the sun as it
travels from East to West throughout the day. Unlike other solar tracking
technologies, the Mass Megawatts Solar Tracker utilizes a low-cost
framework that adds stability to the overall system, while
improving energy production levels.
This press release
contains forward-looking statements that could be affected by risks
and uncertainties. Among the factors that could cause actual events
to differ materially from those indicated herein are: the failure
of Mass Megawatts Wind Power (MMMW), also
known as Mass Megawatts Windpower, to achieve or maintain necessary
zoning approvals with respect to the location of its power
developments; the ability to remain competitive; to finance the
marketing and sales of its electricity; general economic
conditions; and other risk factors detailed in periodic reports
filed by Mass Megawatts Wind Power (MMMW).
Contact:
info@massmegawatts.com
www.massmegawatts.com