NEVADA, April 4, 2017 /CNW/ - March 31, 2017: StarPower ON Systems Inc. (Nevada) (OTC: KMTGD) ("KMTGD") announces that on March 31, 2017, the Company entered into an agreement with StarPower ON Systems, Inc., a Canadian corporation, to acquire certain assets and license rights in the fuel cell technology business. Under the agreement, the Company has acquired a 50% interest in a manufacturing plant and related equipment assets, which are yet to be purchased, but are expected to be held in StarPower Canada's Hong Kong subsidiary, for the production of various product applications associated with technologies principally related to fuel cells. As a result of this acquisition, the Company holds 50% of the global manufacturing rights of StarPower Canada. StarPower Canada plans to purchase the plant and related assets in June 2017.
Also under the agreement, the Company acquired from StarPower Canada the exclusive development and distribution rights on various proprietary technologies, such as water repellents and UV purification and fire retardants in North and South America. All mentioned technologies are fully commercialized and market ready. The Company agreed to issue 50 million shares of its common stock in exchange for all of these assets and rights.
As a result of the Company's agreement with StarPower Canada, the Company is in the business of manufacturing and distributing fuel cells and other products derived from proprietary technologies for various applications.
The Company also announces its new board members and officers, as follows: Dr. Xianguo Li as Chairman and Chief Technology Officer, Xu Wang as Director and Cathy Xu as Senior Vice President, Development.
"We are very excited about our new business partnership with StarPower ON Systems Inc. in Canada," stated Edward T.S. Chan, CEO of the Company. "The acquired assets and manufacturing and distribution rights will allow us an opportunity to take part in the production and sale of noteworthy technologies and, hopefully in the near future, a means of generating revenue for our company. We are also very excited to have assembled a team to lead our company in this new opportunity. We have changed our name to better reflect this new business direction."
About StarPower ON Systems Inc. (Canada)
StarPower is in the business of developing, marketing and selling a proprietary fuel cell technology for various applications, along with water repellents and UV purification and fire retardants technologies.
The Company believes that StarPower's fuel cell technology is superior to existing products on the market because it costs less and it is more efficient in power. The fuel cell technology is expected to exceed the current industry standards and will deliver significant advancements for various mobile and stationary applications, including electric buses.
The full cell technology is ready for commercial deployment. The fuel cells are currently being used in forklifts in warehouses for materials handling and as back-up power for data centers and many telephone switch boxes for satellite data centers. StarPower has also demonstrated the fuel cell technology in transport buses for urban transportation. StarPower (Canada) has recently secured a purchase order of 25,000 units in fuel cells from Guangdong Hydrogen Energy Science and Technology Co., Ltd. This company is an automobile integrator and supplier to various public transportation companies in the Province of Guangdong.
StarPower (Canada) and StarPower (Nevada) are teaming to develop its core manufacturing facility in Hong Kong to fulfill the purchase order.
StarPower (Canada) also intends to expand its business and market and sell its fuel cell technology in China, and there are five cites in China that have expressed interest in the fuel cell technology for their public transportation needs.
ON BEHALF OF THE BOARD:
President and Director
Telephone: (437) 955-6261
SAFE HARBOR STATEMENT
This release includes forward-looking statements, which are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the Internet and e-commerce market; including the travel and research and development of technology moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE StarPower ON Systems Inc.