Interactive Games Anticipates Executing Definitive Agreement to Acquire Solar Energy Technology Company No Later Than March 15, 2007
Posted on: Wednesday, 28 February 2007, 12:01 CST
Interactive Games Inc. (the "Company" or "Interactive") (OTCBB: IGAM) announced today that it intends to execute a definitive agreement no later than March 15, 2007, for the previously announced non-binding Letter of Intent with Nuvo Solar Energy, Inc. ("Nuvo"), a development-stage company based in Centennial, Colorado. Accordingly, the parties have extended the termination date for the non-binding letter of intent until April 30, 2007. Under the proposed terms of the agreement, Interactive plans to acquire all of the issued and outstanding capital stock of Nuvo in a tax-free exchange for approximately two-thirds of the outstanding common stock of Interactive on a post-closing basis.
Completion of the transaction is subject to customary closing conditions including, but not limited to, negotiation and execution of the definitive agreement, receipt of audited Nuvo financial statements, completion of contemplated restructuring conditions, and any necessary board of director or stockholder approvals.
Nuvo also informed the Company that it has completed necessary international patent filings in China, India and Germany for its solar cell technology.
About Nuvo Solar Energy, Inc.
Nuvo is a development-stage company that has acquired a 10-year renewable license for exclusive worldwide rights to a recently developed solar cell technology titled "Single and Multi-layer Stacked Photovoltaic Cell with Integral Light Transmitting Waveguide." Nuvo believes this technology provides for greater production of electrical energy from solar energy utilizing a smaller surface area than currently available methods. Nuvo intends to explore the feasibility of manufacturing and marketing its solar cell technology in China and is presently looking to develop relationships with prospective partners to further its business plan. It is important to note that no agreements or understandings have been reached to date.
Interactive Games Inc., http://www.interactivegamesinc.com, is presently a developer and licensor of interactive casino technologies and redemption gaming applications.
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
Related Articles
- China Nuvo Solar Energy Announces Plans to Use Thin Film CIGS in Its Pilot Production Project
- China Nuvo Solar Energy Announces Staffing for Its Collaboration Development Agreement in China
- China Nuvo Solar Receives Initial Funding From Investment Banking Agreement
- China Nuvo Solar Signs Agreement for Development of Pilot Manufacturing Facility in China
- China Nuvo Solar Energy to Establish Chinese Pilot Facility
- Interactive Games Completes Name Change to China Nuvo Solar Energy, Inc.
- Interactive Games Completes Acquisition of Nuvo Solar Energy and Changes Name to China Nuvo Solar Energy, Inc.
- Interactive Games Announces Nuvo Solar Energy Stockholders Approve Share Exchange Transaction
- Open Energy Signs Cell Supply Agreement With Motech Solar
- Interactive Games Executes Definitive Merger Documents to Acquire Nuvo Solar Energy, Inc.
 |
 |
User Comments (0)
RSS Feeds