HyPower Fuel Announces Purchase of Biofuel Technology Rights and Partial Repurchase of Control Share Block
08 Avril 2008 - 3:46PM
Business Wire
HyPower Fuel, Inc. (Pinksheets: HYPF) A spokesman for HyPower Fuel
is pleased to announce that in conjunction with the corporate year
end of March 31, the Company concluded a number of deals to
increase shareholder value. Firstly, the Company has completed the
purchase of the remaining technology rights for North America of
the biodiesel technology under development. Mr. Douglas Bender,
President of HyPower Fuel Inc., reports that �We are indeed pleased
that our minority partner in the biodiesel process has been so
impressed by our advancements with the technology that they have
requested that we control all aspects of final technology
development, marketing and distribution of this unique biodiesel
process. To show their confidence in HyPower�s future success in
the biodiesel industry, they have agreed to accept a block of
common shares and a royalty of approximately 2% on each gallon of
biodiesel produced. The common shares to be issued on this
transaction will be offset by an equal number of common shares
purchased at par value of $0.001 per share from affiliates and
control persons such that there will be no increase in the
outstanding shares of HyPower.� Doug Bender went on to say that �in
addition to the above, the control block shareholders have agreed
to the redemption of up to 100 million common shares at a
redemption price of $0.004 per share. The net effect of this
agreement, if concluded in its entirety, could mean the reduction
of the issued and outstanding shares by almost 30%. This is
particularly significant given the contracts currently under
negotiation and the near term potential for the sale of the
technology for use in biodiesel plants.� Mr. Bender concluded by
saying that �We trust that our shareholders will be pleased with
HyPower�s commitment to increase shareholder value and to reduce
the issued and outstanding shares.� About the HyPower Biofuel
Process The HyPower Biofuel process is a cutting edge biodiesel
technology that has a number of competitive advantages over
conventional biodiesel production methods. The HyPower process uses
essentially no catalysts or water to produce biodiesel. All inputs
are recovered or converted to saleable products. The capital and
operating costs and the environmental footprint of the process
should be significantly less than conventional methods of biodiesel
production. About HyPower Fuel Inc. HyPower Fuel, Inc. is a
category leading company in the energy technology sector, focusing
on providing innovative, clean alternative energies through unique
methods. Currently HyPower has hydrogen insertion and production
technologies and biodiesel production technologies in development
and/or in the product commercialization stage. For more information
please visit: www.hypowerfuel.com Safe Harbor This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy securities of HyPower Fuel Inc. Certain statements in this
release and other written or oral statements made by or on behalf
of the Company are �forward looking statements� within the meaning
of the federal securities laws. Statements regarding future events
and developments and our future performance, as well as
management�s expectations, beliefs, plans, estimates or projections
relating to the future are forward-looking statements within the
meaning of these laws. The forward looking statements are subject
to a number of risks and uncertainties. The actual results the
Company achieves may differ materially from any forward-looking
statements due to these risks and uncertainties. These statements
are based on our current expectations and speak only as of the date
of such statements. The Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of future events, new information or otherwise.
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