WildCharge Inc. announced that pursuant to its exclusive negotiations with Pure Energy Visions Corp. previously announced on May 13, 2009, WildCharge and Pure Energy have entered into a Joint Operating Agreement that has been approved by the boards of directors of WildCharge and of Pure Energy.
WildCharge and Pure Energy have agreed to a two stage transaction. Stage I of the transaction consists of the Joint Operating Agreement under which the companies have combined the development, marketing and sales of their charging and battery related products. In Stage II, it is anticipated that WildCharge will acquire Pure Energy’s battery business, including its agreements, manufacturing plant, equipment and intellectual property relating to batteries and related liabilities in exchange for Pure Energy receiving, as partial consideration, a 50% ownership in WildCharge.
The Joint Operating Agreement shall remain in full force and effect unless and until the earlier of the completion of Stage II, failure by the board of directors and shareholders of WildCharge or Pure Energy to approve completion of Stage II, failure to obtain required approvals associated with the transfer of the manufacturing plant and January 31, 2010 (or such other date as may be mutually agreed by WildCharge and Pure Energy).
Dennis Grant, Chairman and CEO of WildCharge said, "Joining forces with Pure Energy Visions is truly creating a greater value to our OEMs (Original Equipment Manufacturers) and ODMs (Original Design Manufacturers), who, in turn, will bring greater innovation to their end users. Through our licensing partnerships, end users have greater access to two delightfully simple, convenient, and environmentally friendly charging solutions; Pure Energy’s rechargeable batteries and the WildCharge wire-free power technology."
"Working together with WildCharge provides an outstanding opportunity for the advancement of Pure Energy’s rechargeable battery business," stated Paul W. Simmonds, Pure Energy’s President and CEO. "The combination of Pure Energy’s and WildCharge’s technologies cannot be matched in the market place and gives the company a great advantage in penetrating this fast growing segment of the market."
