VRB Power Acquires Global Patents to the VRB Technology
VRB Power Systems Inc. (Vancouver, BC) announced that it has completed the transaction with its now previous subsidiary Pinnacle VRB Ltd. as per the Revised Implementation Agreement announced October 27, 2004. Under the terms of the Agreement, VRB Power has acquired outright, world-wide patents to the VRB technology except for the Australian based patents, which will remain with Pinnacle.
Also, pursuant to a prospectus offering, VRB Power has sold all of its shares in Pinnacle for AUD$0.01 per share on a pro-rata basis to existing Pinnacle shareholders. The effect of this share sale is that VRB Power in no longer a shareholder of Pinnacle and Pinnacle is no longer a subsidiary of VRB Power. Additional terms completed as part of the transaction include, but are not limited to, VRB Power has submitted the written resignations of its directors on the Board of Pinnacle; Pinnacle has received 750,000 common shares of VRB Power and 750,000 share purchase warrants with each warrant entitling Pinnacle to acquire an additional common share in VRB Power for a price of $1.15 CAD per share for a period of one year; termination of the African Licence Agreement under which VRB Power is currently obliged to pay to Pinnacle an annual licence fee of AUD$250,000 for a remaining term of 20 years; and Pinnacle has settled the outstanding debt owed to VRB Power for payment of AUD$100,000.