27/11/2007 - 15:01

GB Energy funding deal with ASEC

27/11/2007 - 15:01

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GB Energy Ltd has entered into a funding and subscription agreement to earn up to a 50 per cent stake in Australian Sustainable Energy Corporation Pty Ltd.

GB Energy funding deal with ASEC


GB Energy Ltd has entered into a funding and subscription agreement to earn up to a 50 per cent stake in Australian Sustainable Energy Corporation Pty Ltd.
ASEC has developed a device for converting ocean waves into a usable energy form and has applied for patents on this technology. At the present ASEC holds a PCT application on the technology and has filed full patent applications in three jurisdictions around the world with others to follow.
The novel renewable energy technology is at an early stage of development, however the scope of the technology has the potential to provide significant, consistent, and low cost energy from the oceans of the world.
The ASEC agreement provides for the following:
- GBX has agreed to sole fund, to a maximum expenditure of $140,000, Stage 1 of the development of ASEC's wave energy conversion technology through to the design and construction of a working prototype.
- Commencing with Stage 1, the board of directors of ASEC will comprise Graeme Kirke and Ross Ashton (as representatives of GBX) plus Sean Moore and Kingsley Fiegert (as representatives of ASEC). Graeme Kirke
will be chairman of the board.
At the conclusion of Stage 1, GBX has the exclusive option to sole fund, to a maximum expenditure of $2,100,000, Stage 2 comprising the design, construction, testing and commissioning of ASEC's wave energy conversion technology. Midway through Stage 2, GBX has the right to undertake an independent assessment of the scaleability and external pathways of ASEC's wave energy conversion technology.
- GBX's 50% shareholder interest in ASEC can be progressively earned via sole funding Stage 2 expenditure, namely:

  • 12.5% after $500,000 expenditure
  • 25% after $1,000,000 expenditure
  • 37.5% after $1,500,000 expenditure
  • 50% after $2,100,000 expenditure

- At the completion of Stage 2, GBX and ASEC have agreed to use their best endeavours to further develop and commercialise ASEC's wave energy conversion technology so as to maximise returns to shareholders.
The ASEC wave energy conversion technology was invented by Sean Moore who holds a Bachelor of Science Degree in Computer Science as well as a Bachelor of Engineering Degree with First Class Honours in Electronic Systems. Sean is a founding shareholder of ASEC and will be employed as an executive director of ASEC working in a full time capacity to complete Stage 1 and Stage 2 of the wave energy conversion technology development.
GBX is very excited by the renewable energy opportunities offered by ASEC's wave energy conversion technology. The opportunity to form a business relationship at an early stage of development with such a potentially revolutionary technology will ensure GBX's place at the cutting edge of renewable energy technology development.
The ASEC agreement compliments GBX's strategy as an investment company within the full spectrum of the broad energy sector.
GBX's other energy investments are a joint venture interest in gas and oil projects in the Czech Republic and uranium exploration projects in Slovakia.

 

 

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