Toronto, Ontario - November 29th, 2011 (TheNewswire.ca) - Further to its press release dated September 6th, 2011, Pure Energy Visions Corporation ("PEV" or the "Corporation") (TSX Venture Exchange: "PEV" Frankfurt FWB: "XYQ" OTC: "PUURF") is pleased to provide the following update on its previously announced agreement (issued on May 4, 2011) with Pure Energy Solutions, Inc ("PES", together with PEV, the "Parties") of Boulder Colorado to acquire all of the issued and outstanding shares, warrants and convertible debentures of PES.
The Corporation reports that it has agreed on revised terms with PES pursuant to which it will acquire the battery business of PES while maintaining an interest in the wire-free business of PES (the "Transaction"). As previously announced, the PES board has been considering, and continues to consider, options for the wire-free business, including a possible sale of the wire-free business along with all issued and pending patents for that business. Close of the Transaction is subject to completion of a definitive agreement, which the Parties are in the process of drafting and aim to complete and announce within thirty days, and receipt of approvals and satisfaction of conditions described below. Meanwhile, the Parties are focused on implementing the previously disclosed joint venture agreement with Linyi City Huatai Battery Industrial Corp. ("Huatai"), and on supplying existing battery clients out of the Amherst, New Scotia PES owned battery plant.
The merger and the issuance of any securities of the Corporation in connection with the Transaction is subject to TSX Venture Exchange approval, any other regulatory approvals that may be required (including the filing of any required registration statement) and the satisfaction of other conditions, including obtaining any required third party consents and any required shareholder approvals. In this regard, PEV anticipates that completion of the merger will require entering into arrangements satisfactory to it with Nova Scotia Business Inc concerning the discharge of PES Canada Inc obligations to NSBI..
About Pure Energy Visions Corporation
Pure Energy Visions Corporation is an investment holding company with its principal investments in Pure Energy Solutions, Inc., and Linyi Huatai Pure Energy Co. Ltd. On May 4th, 2011 Pure Energy Visions Corporation announced that it will acquire 100% of Pure Energy Solutions Inc. through a share exchange merger.
About PureEnergy Solutions, Inc.
PureEnergy Solutions, Inc. is a Boulder, CO-based company that is revolutionizing power delivery to portable electronic devices through its branded WildCharge™ wire-free power technology and its environmentally responsible rechargeable battery products, sold under private label such as iGo Green batteries, Enercell and O'Cello, as well as under the PureEnergy™ brand. PureEnergy Solutions is the first company to offer commercially available wire-free charging technology that works with multiple devices across multiple brands.. It is the only battery company in North America to receive the EcoLogo certification for its leadership in battery design. Through its Technology Licensing Program and Mark of Interoperability, PureEnergy Solutions allows licensing partners the ability to create and manufacture products that integrate highly efficient, wire-free, technology into their products and bring those products to market very quickly. PureEnergy Solutions enjoys a growing network of licensing partners and distributors and its products are sold in over 12 countries. For more information on PureEnergy Solutions products and licensing capabilities, go to www.pureenergy.com or for more information on investment opportunities with Pure Energy Visions Corporation, go to www.pureenergybattery.com.
About Linyi Huatai Pure Energy Co. Ltd.
On July 27, 2011 Pure Energy Visions Corporation announced the signing of an equity joint venture agreement with Huatai, for the manufacturing, sales and distribution of Pure Energy's patented rechargeable alkaline (RAMcell) batteries to the Chinese domestic retail and OEM markets. Established in 1998, Huatai is one of the leading battery manufacturers in China with annual production of more than 2.5 billion batteries. The new company will be located in a new 6,000 square meter facility in Linyi City. Through the joint venture, Huatai will focus on RAMcell production and battery sales within China, while Pure Energy and its partners will focus on expanding sales outside of China. Production of AA RAMcells is expected to begin in 2012, using new state-of-the-art, high speed automated equipment from Hibar Systems Limited of Richmond Hill, Ontario Canada. The new high speed line, combined with proven Chinese production and Huatai's significant buying power, is expected to result in a high quality product at a reduced cost.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially due to a number of factors, including those discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators, the parties' ability to complete the transactions as contemplated by the letter of intent and the anticipated benefits of the transaction. All forward-looking statements made in this news release are made as of the date hereof and we do not undertake any duty to update any forward-looking statements herein.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release, and does not accept responsibility for the adequacy nor accuracy of this information.
# # #
Pure Energy Visions Corporation Contact:
Stephen Meldrum
9057 9577, ext. 254
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES. THE SOLICITATION AND THE OFFER TO BUY SECURITIES OF PURE ENERGY SOLUTIONS, INC. WILL BE MADE ONLY PURSUANT TO A PRIVATE PLACEMENT MEMORANDUM AND PROXY SOLICITATION THAT WILL BE PROVIDED TO ACCREDITED INVESTORS ONLY OR A REGISTRATION STATEMENT, PROSPECTUS AND RELATED MATERIALS THAT PURE ENERGY VISIONS CORPORATION FILES WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. WHEN AVAILABLE, THOSE MATERIALS SHOULD BE READ CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. ONCE FINALIZED, COPIES OF THE OFFER TO PURCHASE AND RELATED DOCUMENTS WILL BE MADE AVAILABLE TO PURE ENERGY SOLUTIONS, INC. SECURITY HOLDERS AT NO EXPENSE TO THEM.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.