Toronto, Ontario – April 27, 2020 – EEStor Corporation (the “Company”) (TSXV: ESU) announces that negotiations with Infinium Generation Ltd. (“Infinium”) have discontinued, and the parties will not be proceeding with the previously proposed acquisition. Despite negotiating in good faith, the parties have been unable to reach agreement surrounding the proposed acquisition and the capital requirements of Infinium, and as a result have elected not to move forward. No funds were advanced by the Company to Infinium, and the Company has not assumed any contingent liabilities arising from the proposed acquisition.
Ian Clifford, Founder and CEO stated: “EEStor remains committed to its sustainability mandate and we will provide further updates on current opportunities to our shareholders in the near future.”
EEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material. EEStor is committed to providing commercially viable and sustainable environmental solutions across a broad spectrum of industries and applications.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About EEStor” paragraph which essentially describes the Corporation’s outlook and objectives, constitute ”forward-looking information” or ”forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|Mr. Ian Clifford
Chief Executive Officer