PowerVerde Enters Into a Distribution/Manufacturing Agreement with Newton Investments B.V. of the Netherlands to Distribute and Manufacture Their Unique Renewable Waste Heat System Called the Liberator
PHOENIX, Oct. 5, 2011 /PRNewswire/ — PowerVerde, Inc. (OTCBB: PWVI) announced today the signing of a definitive agreement with Newton Investments B.V. d/b/a Newton Greenpower. This is the agreement contemplated by the binding letter of intent between the parties announced in February 2011. The agreement gives Newton the exclusive right to manufacture the Liberator system and distribute it in all European Union countries, initially focusing on Holland, Belgium, Scandinavia and Germany. Under the agreement, Newton has arranged the manufacture of the Liberator at Autonational, a Dutch-based engineering/manufacturing facility. The agreement calls for annual minimum quotas beginning in the second year and a royalty paid on all systems sold.
Piet van der Hoop, President of Newton commented, “The Liberator we purchased from PowerVerde arrived in Holland the first week of July. We, in conjunction with PowerVerde, have been testing this system for a variety of applications including biogas, biomass, geothermal and other co-generation opportunities. We have identified several hundred applications which would benefit greatly from one or more Liberators and have already begun setting up the necessary groundwork to accelerate this enormous opportunity. Newton and PowerVerde believe there are potentially thousands of application sites across Europe, many with strong governmental and utility support, making this an ideal place to launch this technology. We continue arranging certain efficiency evaluations and are very pleased with our test results to date.”
PowerVerde CEO Rick Davis stated, “The appreciation Europe has for green renewable electricity is seen in the practical application of wood pellet burning facilities, windmills, dairy farm biogas plants, photovoltaic installations and greenhouse geothermal opportunities, to name a few. I personally visited several such facilities within a 50-mile radius of the Autonational facility outside Amsterdam, currently housing the first Liberator. PowerVerde believes the greatest applications for a thermal-based system such as ours are in the EU countries, which are already utilizing waste heat generating technologies across the continent.”
About Newton Investments B.V.
Newton, based in Leeuwarden, the Netherlands, is a green renewable energy investment company which actively pursues alternative energy opportunities and products covering a wide variety of energy sources, including, but not limited to, wind, biomass, photovoltaic, electric and thermal. Their investment objectives are to offer green renewable energy products in the EU utilizing available credits, incentives and subsidies. Their relationships with sophisticated Dutch and German manufacturers and knowledge of these industries allow them advantages well beyond mere distribution.
PowerVerde, Inc. (OTCBB: PWVI) manufactures advanced renewable power generator systems comprised of gas pressure and gas expansion motors. These systems operate without combustion or fossil fuel, creating electrical power from any low grade heat source or adequate pressure forum. PowerVerde is an environmentally friendly green company producing zero emissions or waste stream byproducts. For more information about PowerVerde, please visit our web-site http://www.PowerVerdeEnergy.com.
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve substantial risks and uncertainties. Among others, these risks and uncertainties include the ability to meet schedule or performance requirements of the Company’s contracts, potential quality problems with the Company’s products, difficulties in raising needed capital and the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with better products and/or greater financial resources, the impact of competitive pricing, and changes in energy prices and government incentives. In light of these risks and uncertainties the forward-looking events referred to in this release might not occur.
SOURCE PowerVerde, Inc.