Alternative Green Technologies, Inc. Executes Letter of Intent Licensing Reddiform's Technology to Real Estate Development Group
24 February 2009 - 12:55AM
Marketwired
Alternative Green Technologies, Inc. (PINKSHEETS: AGTI) announced
today the execution of a letter of intent licensing its Reddiform
green building product technology for the exclusive production,
distribution and installation of the Reddiform ICF construction
system throughout the country of Canada to Vision enVert Inc., a
Canadian construction, development and management company.
Alternative Green Technologies, through its Reddiform Worldwide
subsidiary, will achieve initial licensing fees totaling $
875,000.00 as exclusive rights of certain Canadian provinces are
exercised. Additionally, Reddiform Worldwide shall receive a
royalty of 3% of gross sales when the Reddiform ICF system is
manufactured, purchased and/or installed and a royalty of 10% of
gross sales when the Canadian licensee acts as a distributor of the
product. Reddiform Worldwide will also have a carried interest of
20% in the licensee entity.
The 15-year licensing agreement specifically covers the
provinces of Quebec, Ontario, British Columbia, Alberta, New
Brunswick, New Foundland and Labrador, and Prince Edward Island and
is subject to minimum sales requirements which increase over time
in each province. It is expected that a definitive agreement will
be executed by March 15, 2009.
Vision enVert is a full service real estate firm involved in the
design, development, construction and management of various real
estate projects throughout Canada with a philosophy of conservation
of the environment. It is the intention of Vision enVert to not
only use the Reddiform ICF system in their own projects but also to
manufacture, sell and install the system for third party real
estate projects.
About Alternative Green Technologies, Inc.: Alternative Green
Technologies (PINKSHEETS: AGTI) is a public company focused on the
commitment to reduce the carbon footprint in the world by acquiring
and building companies that help the environment in reducing carbon
emissions in addition to reducing worldwide energy costs and waste.
Our Company will seek to acquire and grow companies and undertake
projects which help achieve this reduction either directly or
through the creation of carbon offset credits and/or tax
credits.
Our subsidiary, Reddiform Worldwide, Inc., has the exclusive
worldwide license in perpetuity to market, manufacture and sell
ReddiForm Insulated Concrete Forms ("ICFs"), a green patented
building product that allows for reduced energy costs while
providing more economies and efficiencies in the construction
process for homes, industrial and commercial buildings. Homes built
out of Reddiform require an estimated 44% less energy to heat and
32% less energy to cool and can be designed for use in Earthquake
Zones 4 and 5, and to withstand hurricane winds of 200 miles (330
kilometers) per hour.
For more information about Alternative Green Technologies, Inc.
go to www.altgreentech.com.
NOTE: This press release may contain "forward-looking
statements." In some cases, you can identify forward-looking
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opportunity, our strategies, competition, expected activities and
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our available cash resources. Although we believe that the
expectations reflected in any forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance or achievements. Actual results may differ materially
from the predictions discussed in these forward-looking statements.
Changes in the circumstances upon which we base our predictions
and/or forward-looking statements could materially affect our
actual results.
Contact: Alternative Green Technologies, Inc. 626 RXR Plaza
Uniondale, NY 11556 516-832-7000