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Hillcrest Energy Technologies Ltd V.HRH


Primary Symbol: HLRTD

Hillcrest Energy Technologies is a clean tech innovation company developing high value, high-performance control systems and electric power conversion devices for next-generation powertrains, charging applications and grid-connected renewable energy generation and storage systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power the future.


OTCQB:HLRTD - Post by User

Post by EDMINNEMAon Aug 12, 2020 8:09am
225 Views
Post# 31396623

Hillcrest Signs US Patented Energy Technology Licensing Agre

Hillcrest Signs US Patented Energy Technology Licensing Agre
Hillcrest Signs US Patented Energy Technology Licensing Agreement

(via TheNewswire)



 

 

August 12, 2020 - TheNewswire - Vancouver, B.C. - Hillcrest Petroleum Ltd. (the "Company" or "Hillcrest") (TSXV:HRH) (OTC:HLRTF), is pleased to announcthat its previously announced US Licensing Agreement with Oropass Ltd. (the "Licensing Agreement") has been executed, enabling development, licensing, and marketing of US patented, electricity generation and electric motor technologies. Hillcrest will contribute a minimum of Three Hundred Thousand (CDN $300,000) and up to Five Hundred Thousand Dollar(CDN $500,000) for the development of the technology, anticipatetbe paito aincorporatejoint venture between the Company and Oropass Ltd. in ALSET Innovations Inc. ("ALSET"), as outlined further belowInitial primary use of funds will be to secure protection for IntellectuaProperty (IP) related to recent additionainnovations deriving from the existing US patents and development and perfection of operational prototypes arequired to demonstratthe technologiettargeteindustrieand potential licenseeand technology development partners.

Hillcrest's Licensing Agreement provideexclusive dealing rights for the licensed technology, whicincludes all current and future technologiecreated and/or patented by Potential Difference Innovations Inc. (PDi). The agreements enables the company to engage with parties in licensing, co-developing or joint venturing the technologiethrough its wholly owned subsidiaryALSETIt ianticipatethat the licensetechnologies could be applied to deliver stechange efficiency gains for electric vehicles, wind turbineand other electricity generation. Hillcrest anticipates authorizing the issuance of common shares in the capital of ALSET (the "ALSET Shares") to Oropass Ltd. upon entry into a shareholders' agreement between Hillcrest and Oropass Ltd. such that Oropass Ltd. will hold 50% of ALSET Shares and Hillcrest will hold the remaining 50%At such time, it is anticipated that Hillcrest will assign the Licensing Agreement tALSET.

Hillcrest will directlreceive 25% of net value generated under the License Agreement, as well afeefomanaging and administering related business activitieincluding business planning, marketing and concluding agreements with potential technology partners on behalf of the owner of the technology.

"Ware extremely excited to have completed the first major step in what we believe will add substantialong term value for Hillcrest shareholders." Don Currie, Hillcrest CEO states. "With the definitive Licensing Agreement now executed, we intend to immediately develop and implement a business plan to present the disruptive PDi technologies to potential technology partners, several of which have already indicated interest. We look forward to and will continue to advise as developments happen, or materiaevents occur."

The License Agreement remains subject to the approval of the TSX Venture Exchange (the "TSX-V"), and the Company intends to complete a filing with the TSX-V on the basis of the License Agreement and the overall transaction with Oropass Ltd. constituting a Reviewable Transaction under the policies of the TSXVOropass Ltd. ian arm'length parttHillcrest.


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