On February 28, 2015, the Board of Directors of Nano Labs Corp. entered into that certain joint venture collaboration agreement for a term of ten years with The ET3M Group for the manufacture, distribution and commercialization of ET3M's technology consisting of an electronic circuit capable of multiplying, through a process of electronic reasonance, the output of any existing standard electric power source. Management of the company has entered into discussions with ET3M regarding application of the Technology to electronic circuits capable of generating remarkable power-savings when connected to industrial electric induction motors, owned and used at industrial plants by large international corporations.

The parties entered into the ET3M Joint Venture Agreement. The general purpose of the ET3M Joint Venture Agreement is to design, develop, testing, manufacture and commercialize exclusively for the U.S. and Canadian markets the Power Multiplication Circuits in the application for distributed power multiplication within the centralized power generation systems market; exploit market opportunities based on the Technology and the Power Multiplication Circuits; to provide fulfillment funding through the company to design, scale-up, test, obtain certifications, construct, assemble, produce and market the Power Multiplication Circuits for the harvest and use of energy in the environment and specifically in its application within the centralized power generation systems market; and to establish a joint venture entity. The Joint Venture company between the company and ET3M called 'B3 Labs' for operational and funding requirements.

In accordance with the terms and provisions of the ET3M Joint Venture Agreement, the parties agreed that certain contracts in acceptable form would be entered into as follows: (i) a technology or license agreement regarding the Technology; a manufacturing contract between manufacturers and the Joint Venture Company for the exclusive manufacturing and assembly of parts; a trademark license agreement between ET3M and the Joint Venture company for licensing of the use of the products and trademarks associated with the Technology; and assignment agreements between ET3M and the Company regarding the Technology.