Solanex Management Inc. focuses on developing, manufacturing, distributing and marketing alternative energy technologies. The company recently announced it has signed a Letter of Intent (LOI) for the acquisition of certain sales, marketing and distribution rights for Alten Power Corp.â€™s waste-to-energy technology.
The deal is in line with Solanexâ€™s decision to strengthen the incineration/gasification component of its business strategy. In the companyâ€™s press release, it said the addition of gasification technology of municipal solid waste is an added benefit to potential customers, including municipal, state and federal governments.
Per the agreement, the due diligence period for the LOI will close on or before October 21, 2009. At the closing, Solanex will acquire the rights to Alten Powerâ€™s current projects, including assessments for waste-to-energy facilities in Central and South America, the United States and Canada. The transfer will be completed with Solanexâ€™s payment of $200,000.00 to Alten Power, as well as 3 million common shares.
The company also announced Derek Bartlett as the newest member of the companyâ€™s board of directors. Bartlettâ€™s experience includes consulting, as well as serving as president of two junior public mining companies. Mr. Bartlett has also served on the board of three other public companies.
Let us hear your thoughts: Solanex Management Inc. Message Board