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China Nuvo Solar Energy Completes Acquisition of Its Previously Licensed Solar Technology

Posted on: Monday, 28 January 2008, 09:01 CST

China Nuvo Solar Energy, Inc. (the "Company" or "China Nuvo") (OTCBB: CNUV) announced today that it has completed the acquisition of certain patent applications and patent cooperation treaty applications (the "Patents") the Company had licensed from Photovoltaics, Inc. ("Photovoltaics") in an earlier agreement. In exchange for acquisition of the Patents, the Company issued Photovoltaics 2,000,000 restricted shares of China Nuvo $0.001 par value common stock.

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. With the closing of the transaction, China Nuvo now owns 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.

"By acquiring the Patents outright, we no longer have to worry about future license renewals and are able to ensure that the Company's rights under the Patents are fully protected," commented China Nuvo Chief Executive Officer Henry Fong. "Although we now own the Patents, we will continue to work with the inventor on potential improvements to the Company's technology and are excited about the prospects for our ongoing manufacturing development project in China."

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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