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China Nuvo Solar Energy Signs Letter of Intent to Acquire Its Currently Licensed Solar Technology

Posted on: Tuesday, 20 November 2007, 09:00 CST

China Nuvo Solar Energy, Inc. (the "Company" or "China Nuvo") (OTCBB: CNUV) announced today that it has signed a letter of intent with Photovoltaics, Inc. (Photovoltaics) to purchase certain patent applications and patent cooperation treaty applications (the "Patents") the Company has licensed from Photovoltaics in an earlier agreement. The letter of intent calls for Photovoltaics to be issued 2,000,000 restricted shares of China Nuvo $0.001 par value common stock in exchange for ownership of the "Patents."

The Patents, collectively referred to as "A Multi-Stacked Photovoltaic Sell with Light Transmitting Wave Guides in A Ceramic Sleeve," had previously been licensed by China Nuvo under a ten-year renewable license agreement. Upon closing of the transaction, China Nuvo would own all right, title and interest in the Patents including all issued patents or other intellectual property arising from the Patents in any domestic or foreign jurisdiction.

Closing of the transaction is subject to the negotiation and execution of a definitive agreement and other customary pre-closing conditions.

China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology.

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

Source: Business Wire

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