SGLN - SurgLine International Inc (old CNUV) - Page 3
Morning CNUV, lets see what Friday brings, Chart trying to confirm bottom.
China Nuvo Solar Provides Update on Freya Acquisition and
WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- China Nuvo Solar Energy, Inc. (OTCQB: CNUV) updated today its progress with the previously announced Freya Energy, Inc. acquisition and its financing plans. As previously reported, the Company is seeking substantially non-dilutive and non-toxic forms of financing. In that regard, the Company said it has received documentation from an investment fund outlining various types of available financing including purchase order financing, factoring of accounts receivable, equipment leasing and equipment sale leaseback. None of these financing alternatives involves any type of equity. Based on discussions with principals of the investment fund, the Company believes the fund can tailor certain financing solutions to meet the Company's needs.
In addition, the Company has received several term sheets relating to equity-based financing transactions from funds with significant experience working with the needs of micro-cap companies. Although equity-based transactions involve a certain amount of dilution to stockholders, the company is focusing on those types of financings that would be based on sales of restricted stock.
The Company and its legal counsel have also completed the initial definitive documents for the acquisition and is presently circulating them among the various parties.
About Freya Energy
Freya is a producer of safe large format lithium ion cells and batteries for demanding applications. Freya believes its proprietary separator provides greater safety than competitive products and provides a higher energy density than others on the market.
Freya's technology is protected by patent filings, ready for manufacture without the need for additional research and development. Freya has developed a commercialization plan for rapid market entry. Its personal relationships with known and established customers position the company for timely sales in the United States and Europe. Subject to initial funding and satisfactory prototypes, Freya has millions of dollars in letters of intent that can be converted to purchase orders.
Freya has an experienced management and technical team led by well respected innovators in battery technology.
About China Nuvo Solar Energy
China Nuvo Solar Energy, Inc. is a development stage company that owns unique patent pending solar and photovoltaic related technology. The Company's business model includes a roll-up strategy of clean energy companies and intellectual property within the renewable energy sector.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.