EVI Signs Agreements to Acquire Pure Energy
Energy Visions Inc. (EVI, Toronto, ON) announced that it has signed amended agreements dated August 11, 2002, and September 4, 2002, with Pure Energy Inc. (PEI, Amherst, Nova Scotia, Canada), Pure Energy Battery Inc. (PEBI, Amherst, Nova Scotia, Canada) and Rabih Holdings Ltd. The agreement gives EVI the right to purchase a number of additional PEI common shares that, together with those PEI common shares held by EVI CEO Wayne Hartford and those PEI common shares EVI may acquire from Nova Scotia Business Inc., will result in the ownership by EVI and Hartford of an aggregate of 51 percent of the issued and outstanding PEI common shares.
The purchase price of each additional PEI share is approximately CDN$0.14 and EVI may purchase the additional PEI shares by a combination of cash and EVI common shares. EVI will have until November 30, 2002, to complete the payment of the remainder of the cash portion. If EVI does not purchase the additional PEI shares by November 30, 2002, PEI will be entitled to retain the deposit. The agreement also provides that EVI will purchase from PEBI its nickel-zinc battery requirements from PEBI for a three-year period, provided that the PEBI price is competitive.