ALLEN, TX — (Marketwired) — 11/04/13 — () (OTCBB: SVLT) announced today that it has signed a term sheet up to EUR 4,898,598.83 converted into US dollars of (approx. $6,600,000 USD) with West Point International, Inc., a Nevada corporation. Definitive documentation is being prepared in the form of a securities purchase agreement and a form of note. The agreements are subject to preparation, signature and other customary closing conditions and the completion of SunVault due diligence relative to both Greece projects. The closing date of the agreement contemplated to be November 15th, 2013 or as soon as possible thereafter.
Under the terms of the financing agreement the Company will issue 8% secured convertible notes. The note is convertible into Sunvault Energy common shares at a convertible price of $1.50 per share. West Point shall have the right to put a portion of the Securities back to the Company in exchange for SPV Shares
Recently SunVault Energy management received to enter into an Assignment and Amendatory Agreement to acquire an 80% interest in two affiliates of BCI Renewables. Both are special purpose vehicles (“SPV” or “SPV–s”) that own two solar parks in Greece.
“We are pleased that our financing partner recognizes the value of the Greece SPV–s and we appreciate their support of our initiatives to produce on-going revenues to develop and utilize our ,” commented John Crawford, SunVault President and CEO.
SunVault Energy, Inc. is committed to bringing cost effective generation and energy storage to the solar industry through a seamless, novel and simultaneous integration of energy generation and storage at the molecular level.
This technical approach is a first and has the potential to enable one of the lowest overall system cost structures while operating at maximum efficiency. SunVault–s objective is to then facilitate global energy sales through a Distributed Utility business model built upon and around the company–s All-in-One, PolyCell and Vertical Solar Appliance technology platforms.
For corporate information and Investor Relations Contact Rich Kaiser: (757) 306-6090, ; website
This release includes forward-looking statements on SunVault Energy current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” and similar expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied. The information in this release is provided only as of the date of release, and SunVault undertakes no obligation to update forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contact:
Rich Kaiser
757-306-6090