EEStor and Alchemy pen LOI for Advanced Polymers
EEStor Corporation announced today that it has entered into a binding letter of intent (LOI) with Alchemy Synergy Group, Inc. (ASG) for the joint development of highly polar silicone-based custom polymers to be used in EEStor's capacitor and electrical energy storage technologies. ASG principals have 25+ years of experience formulating and developing specialty polymers for unique applications. Over the years ASG has collaborated with multiple Fortune-500 chemical companies engineering unique polymeric solutions to work in difficult application challenges.
Today ASG leads a team of specialists involved in research and development activities related to silicone-based polymer technologies, including polarized silicone-based polymer technologies, surfactants and viscosity modifiers. ASG's specific work in the fields of highly polarized silanes for use in antimicrobials applications, and specialty coatings applied to thin films provides ASG with the unique set of technology and applications process experience that should prove useful to EESTOR.
Jeffrey Fredenburgh, President of ASG stated "We are very excited to announce our working relationship with EESTOR, helping to design a unique polymeric solution to work synergistically with the unique properties of EEStor's Composition Modified Barium Titanate".
Ian Clifford, Founder and CEO of EEStor added: "We are very pleased to be collaborating with ASG on this critical project. Our work to date has been extremely effective and we look forward to certifying and publishing positive results of our collaboration as they become available."
Under the LOI, ASG will develop sample custom polymers for testing by EEStor and, if successfully tested, will licence the developed polymers to EEStor and assist EEStor in sourcing the materials to produce the polymers in commercial quantities. All polymer technologies developed by the parties would be jointly owned and the parties would enter into a technology agreement for the cross-licensing of such technologies.
EEStor would also have the right to acquire such developed technologies as they relate to the capacitor and energy storage industries in certain circumstances. Other than an initial payment of US$21,000 for consulting services and materials and the issuance of 100,000 common shares in the capital of EEStor, the consideration payable to ASG by EEStor is graduated and based on the achievement of a number of energy density and time-constant milestones. If all milestones are achieved, EEStor would be required to make cash payments aggregating US$106,000 and issue an aggregate of 1,950,000 common shares to ASG under the LOI. All shares issued would be subject to a 4-month hold period.
The transactions contemplated by the LOI are subject to the approval of the TSX Venture Exchange.