Red Branch Technologies Announces Details of LOI Agreement With Green Power Technologies, Inc.
01 December 2009 - 8:15AM
Marketwired
Red Branch Technologies, Inc. (PINKSHEETS: RBTI) announced today
specific details on an LOI agreement with Green Power Technologies,
Inc., a Nevada Corporation. Jeff Sirianni, CEO of Red Branch
Technologies, Inc., announced the following details as a follow up
to the initial press release earlier today stating that an LOI was
in place with Green Power Technologies, Inc.:
-- Red Branch Technologies will acquire forty percent of Green Power
Technologies which will be anti-dilutive for a period of two years from the
date of closing.
-- Red Branch has agreed to pay $250,000 in consideration for their forty
percent stake in Green Power Technologies, Inc. The $250,000 will be
distributed in ten equal installments to Green Power commencing no later
than five days after the closing of the transaction.
-- As part of the agreement, Red Branch will be responsible for issuing
press releases in accordance with the provisions of SEC Rule 8-K, as if
Green Power were a public company. Green Power will endeavor to properly
disclose and educate the investing public all relevant information related
to the Green Power's technology and activities.
-- The closing date is scheduled on or before December 15, 2009.
Sirianni also reiterated that there is ongoing due diligence
taking place and terms of any final agreement between the two
companies is subject to final approval of the Governing Board of
Directors of the respective companies.
About Red Branch Technologies, Inc.:
Red Branch Technologies provides sustainable-energy-powered
solutions meeting commercial, industrial, municipal and federal
requirements for site security, materials control, emergency
communications, water purification and similar on-site
applications. The company's ability to simultaneously manage
multiple renewable energy sources allows Red Branch Technologies
powered solutions to stay up and running longer than the
competition. Mobility is another differentiating aspect of Red
Branch Technologies' solutions.
The company also offers a unique set of security products for
military and law enforcement applications where cost/performance
represents a critical selection factor. The application areas
include Explosive Ordinance Disposal (EOD) robots, vehicular
inspection and Unmanned Aerial Vehicles (UAVs).
More detailed information can be found at
www.RedBranchTech.com.
Safe Harbor: This letter contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended, which are intended to be covered by the safe
harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainty, including
without limitation, the ability of the Company to successfully
implement its turnaround strategy, changes in costs of raw
materials, labor, and employee benefits, as well as general market
conditions, competition and pricing. Although the Company believes
that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore, there can be no assurance that the
forward-looking statements included in this letter will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as representation by the Company
or any other person that the objectives and plans of the Company
will be achieved. In assessing forward-looking statements included
herein, readers are urged to carefully read those statements. When
used in the Annual Report on Form 10-K, the words "estimate,"
"anticipate," "expect," "believe," and similar expressions are
intended to be forward-looking statements.
Contact: Investor Relations David Donlin Cervelle Group Phone:
407-614-5959 ext. 223
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