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Message: Pure Energy Visions Corp Signs Equity Joint Venture Agreement in China
On Wednesday July 27, 2011, 8:29 am EDT
Toronto, Ontario Canada, July 27, 2011 (TheNewswire.ca) -- Pure Energy Visions Corporation (PEV - TSX Venture) (XYQ - FWB), ("PEV" or "Pure Energy"), is very pleased to announce the signing of an equity joint venture agreement with Linyi City Huatai Battery Industrial Corp. (Huatai), for the manufacturing, sales and distribution of Pure Energy's patented rechargeable alkaline (RAMcell) batteries to the Chinese domestic retail and OEM markets.
Established in 1998, Huatai is one of the leading battery manufacturers in China with annual production of more than 2.5 billion batteries. The new company will be named Linyi Huatai Pure Energy Co Ltd (the JV) and will be located in a brand new 6,000 square meter facility in Linyi City. The registered capital of the JV will be $10,000,000 with Huatai owning 51% of the JV and Pure Energy Visions Corp, 49%. The initial term of the agreement is for 15 years.
Through the JV, Huatai will focus on RAMcell production and battery sales within China, while Pure Energy and its partners will focus on expanding sales outside of China. Production of AA RAMcells is expected to begin in the first half of 2012, using new state-of-the-art, high speed automated equipment from Hibar Systems Limited of Richmond Hill, Ontario Canada. The new high speed line, combined with Chinese production and Huatai's significant buying power, is expected to result in a high quality product at a reduced cost.
"We are delighted to be partnering with Huatai, one of the largest and most respected battery companies in China," said Paul W. Simmonds, CEO of Pure Energy. "The JV will have a very significant impact on all areas of our business including growing international retail sales with our partner iGo Inc. and significant new opportunities in China - a new market for our technology. With the vast majority of OEM products being made in China, Chinese production will help reduce long lead times and various import/export issues we've experienced in the past."
"We very excited to be partnering with Pure Energy and its patented RAMcell green battery technology," said Wang Wensheng, Huatai's Board Chairman. "The unique combination of high performance, cost effectiveness and environmental superiority of RAMcell will be very appealing to our international customers and to consumers and OEMs alike in China."
About Linyi City Huatai Battery Co., Ltd.
Established in 1998, Huatai is one of the leading battery manufacturers in China. The company employs over 2,000 people and owns 41 production lines with annual output of approximately 2.5 billion batteries. Huatai products including single-use alkaline, zinc carbon and zinc chloride batteries are sold in over 60 countries including throughout Europe, North America, Africa, and The Middle East. Huatai is located 800 km from Bejing, in Tangtou Town, Linyi City, Shangdong province.
About Pure Energy Visions Corporation
Pure Energy Visions Corporation is an investment holding company with its principal investment in Pure Energy Solutions, Inc. On May 4th, 2011, Pure Energy Visions Corporation announced that it will acquire 100% of Pure Energy Solutions Inc. through a share exchange merger.
About PureEnergy Solutions, Inc.
PureEnergy Solutions, Inc. is a Boulder, CO-based company that is revolutionizing power delivery to portable electronic devices through its branded WildCharge™ wire-free power technology and its environmentally responsible rechargeable battery products sold under private label and under the PureEnergy™ brand. PureEnergy Solutions is the first company to offer commercially available wire-free charging technology that works with multiple devices across multiple brands. It is the only battery company in North America to receive the EcoLogo certification for its leadership in battery design. Through its Technology Licensing Program and Mark of Interoperability, PureEnergy Solutions allows licensing partners the ability to create and manufacture products that integrate highly efficient, wire-free, technology into their products and bring those products to market very quickly. PureEnergy Solutions enjoys a growing network of licensing partners and distributors and its products are sold in over 12 countries. For more information on PureEnergy Solutions products and licensing capabilities, go to www.pureenergy.com or for more information on investment opportunities with Pure Energy Visions Corporation, go to www.pureenergybattery.com.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially due to a number of factors, including those discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators, the parties' ability to complete the transactions as contemplated by the letter of intent and the anticipated benefits of the transaction. All forward-looking statements made in this news release are made as of the date hereof and we do not undertake any duty to update any forward-looking statements herein.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release, and does not accept responsibility for the adequacy nor accuracy of this information.
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Pure Energy Visions Corporation Contact:
905 707 9577, ext. 254
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