Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada) announced that its counsel has settled a claim by Sabre Energy Ltd. (Calgary, Alberta, Canada) for repayment of the amounts advanced under a letter of intent dated August 20, 2001. Under the agreement reached with Sabre’s counsel, Sustainable Energy will pay $315,000 to Sabre, representing the full amount advanced under the letter of intent, plus $9,774.01 in respect of interest.
Sabre will file a discontinuance of the statement of claim issued by it in December 2001, and will release Sustainable Energy from any claim that Sabre may have relating to the financial terms of the letter of intent.
