Energy Visions Inc. (EVI, Ottawa, ON) announced that the Province of Nova Scotia has approved a debt-restructuring package for Pure Energy Battery Inc. (PEBI, Canada), which will enable EVI to acquire an effective controlling interest in PEBI through Pure Energy Inc. Through the restructuring, Nova Scotia Business Inc. (Nova Scotia, Canada) agreed to convert CDN$3.0 million of the CDN$8.5 million PEBI debt to EVI at the closing of the transaction, and also agreed to sell to EVI an additional CDN$3.5 million in PEBI debt for a total of 1,750,000 EVI shares.
EVI President Wayne Hartford stated, "EVI has long contemplated the need for a battery manufacturing plant similar to PEBI's Amherst, Nova Scotia, facility and recognizes that it would cost several times more to start up an equivalent facility. We look forward to the opportunity to apply our extensive knowledge and experience in the battery industry to grow PEBI's existing business and to use their facilities to both manufacture our NiZn battery technology and assemble our hybrid fuel cell systems."
