Nass Valley Gateway Terminates Joint Venture
Deutsche Borse, Frankfurt: 3NVN
Germany: WKN A1JVHM/
RICHMOND, BC, Feb. 11, 2014 /CNW/ - Nass Valley Gateway Ltd (the "Company" or "Nass Valley") reports that after considerable deliberation and consultation with the management of its subsidiary M-Wave EnviroTech Inc. ("MWE"), MWE recommended to its joint venture partner, Imperial Cedar Products Ltd. ("ICP"), that it is in the best interest of the both partners to mutually terminate their joint venture partnership in MWE's subsidiary M-Wave System BC01 Inc. ("MWE-BC01"). The Joint Venture Partners, including their respective board of directors, agree unanimously to such termination to be effective January 8th, 2014.
It became clear that MWE's pilot production line ("Mod-BC01"), which MWE installed within ICP's cedar shingle production facility was beyond any repair as a result of the unfortunate fire at the production facility which the Company reported in its monthly report to the Canadian Stock Exchange dated Oct. 4, 2013. It was also clear that it would take ICP considerable time to rebuild its totally destroyed production facility depending upon the recently invoked local regulatory permitting conditions.
While unfortunate, the decision provides Nass Valley and its subsidiary MWE with the opportunity to apply the experience gained from the from the test runs performed on Mod-BC01 to the pursuit of new opportunities and applications of its M-Wave technology in the coming months.
Nass Valley will continue to focus more resources to the marketing and development of its Enviro-X and M-Wave technology.
ABOUT NASS VALLEY GATEWAY LTD.
Since 2011, Nass Valley is focused on developing, marketing and establishing environmentally responsible Energy Converting and Waste Disposal Technology through its subsidiary, Global Environomic Systems Corp. ("GSC"). The Company progressed in 2012 on specific multiwave technology applications through its subsidiary, M-Wave EnviroTech Inc., and views both of its environmentally responsible technologies as State-Of-The-Art Systems.
Nass Valley Gateway and its subsidiaries are devoted to building value for their shareholders and employees, contributing to the improvement of the communities in which they operate through employment creation, and implementing sustainable practices designed to preserve and enhance our environment.
Forward-Looking Information Statements:
This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nass Valley Gateway Ltd.For further information: Dieter Peter, President & CEO, Phone: 604-278-1132