Global Green to pay 5% royalty for water-heating units
2013-05-13 15:32 ET - News Release
Mr. Randy Hayward reports
GLOBAL GREEN ANNOUNCES EXPANSION AGREEMENT FOR THE UNITED STATES
Global Green Matrix Corp. has signed an addendum to its memorandum of understanding dated Feb. 23, 2012, whereby GGX has been given the right to own and operate the water-heating technology developed and owned by Intelligent Energy LLC, in all areas of the United States of America.
GGX agrees to protect the patent-pending technology and to use its best efforts to maximize the use of the water-heating units and technology in the defined area. It also agrees to pay a royalty based on the use of each water-heating unit equal to 5 per cent of the gross revenue earned by each unit. In North Dakota, GGX agrees to pay an additional 5 per cent royalty to Intelligent Energy LLC.
The original agreement was entered into February 23, 2012 (the "Agreement") by 1503826 Alberta Ltd. carrying on business as "Intercept Rentals" and Energy Heating, LLC. together with Energy Heating Canada Inc. Under the Agreement Intercept Rentals was given the exclusive use of and right to operate the water heating units/technology in Canada and in certain areas of the United States of America as may be agreed upon by the parties.
The interest of 1503826 Alberta Ltd. under the Agreement has since been assigned to Global Green Matrix Corp. while the interest of Energy Heating, LLC and Energy Heating Canada Inc. has been assigned to Intelligent Energy LLC.
The management and Board of the Company has concluded there is huge potential and opportunity to expand its operations into the USA. There are many areas under exploration for oil and gas including the states of California, Colorado , Montana, Oklahoma, Pennsylvania, Texas, Utah, Wyoming and particularly North Dakota.
Jim Cooper of Intelligent Energy, LLC states: "We have been working with Global Green and Intercept Rentals in Canada since March of 2012 and have been gratified as the technology gained market acceptance. We look forward to continuing our mutually beneficial relationship by supporting the Company as it expands into the United States."
About Intelligent Energy, LLC
Intelligent Energy, LLC. is a Limited Liability Corporation based in Idaho. It is the owner of certain intellectual property with several patents pending, that utilizes proprietary water heating methods. It has given exclusive use of and right to operate the water heating units/technology in Canada and the right to operate the water heating units in all of the United States to Global Green Matrix Corp.