Schmitt Industries and Vanteck Announce Venture

August 19, 2002 by Jeff Shepard

Schmitt Industries Inc. (Portland, OR) and Vanteck Technology Corp. (Vancouver, BC) announced that that they have entered into a joint venture agreement to collaboratively integrate, manufacture and market stationary applications of the VRBPower System for the residential and light commercial markets using modules of 1kW to 5kW. The goal of the joint venture will be to have a marketable product developed for sale by July 2003.

Schmitt and Vanteck will each hold a 50 percent interest in the joint venture, which will have the right to make, use, design and sell products using Vanteck's VRBPower System patented technologies. Schmitt will contribute its existing and future controller technology, manufacturing know-how, the utilization of electrical and manufacturing facilities in Portland, ISO 9001 certification, staff, and capital as required during the term of the joint venture.