Sunvault Energy to Reduce Shares Outstanding by 19.5 Million Shares by Rescinding Agreement with 1454004 Alberta Ltd., for the CleanGen Transactions
EDMONTON, ALBERTA--(Marketwired - Nov. 16, 2015) - SUNVAULT ENERGY INC. (OTC PINK:SVLT) ("Sunvault") ("the Company") announced that the Company has sent notice that it has rescinded the agreement with CleanGen Inc., 1454004 Alberta Ltd., Albert Klyne and Family ("the Defendants"). Recently the company applied to the Court of Queen's Bench, Calgary, Alberta and received an injunction order against the Defendants, their officers, directors, employees, agents or assigns and anyone having notice of the Order. The order prohibits the transferring, encumbering, pledging or in any way alienating shares of Sunvault Energy in control pending further Order of the Court or written consent of the Company.
Sunvault Energy Inc. has brought legal action against the Defendants due to the number of undisclosed issues in the original purchase of Clean Gen Inc and its operations. Sunvault will retain an ownership position and management in the Tire Recycling business.
Under the Purchase Agreement, any material adverse change or undisclosed liabilities that have occurred would result in Sunvault having the right to the unwinding of the agreement. The Company believes it has ample evidence of this and has exercised its option within the purchase agreement to unwind the agreement and have the 19.5 million shares returned to treasury.
About Sunvault Energy Inc:
Sunvault Energy Inc. is committed to bringing cost effective energy generation and energy storage to industry through a seamless and novel integration of energy generation and storage. This technical approach is a first and has the potential to enable the lowest overall system cost with maximum energy storage efficiency. Sunvault has further diversified by acquiring companies or assets that are immediately accretive and that will facilitate into ownership of quality non-cyclical assets.
For more information, visit the Sunvault Energy website at http://www.sunvaultenergy.com/ and/or email@example.com.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic conditions, our ability to achieve the expected benefits from the development of technology. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
(November 16, 2015 - 9:28 AM EST)
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