The transaction includes selling 100% of the assets and technology rights held in WWS, including various Solar Equipment, Battery Technology, and Intellectual Property.
The consideration to Fernhill is valued at more than
XTRM will tender
XTRM has agreed to assume Fernhill's debt obligation associated with all the liability for the development and acquisition of the Intellectual property previously incurred for the Technology.
'This transaction will provide a dual benefit to the FERN shareholders. First, the distribution of XTRM shares will allow FERN shareholders to participate in the technology development. Second, this transaction will improve the Corporate Balance Sheet allowing FERN's management to engage with critical strategic partners,' said
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Forward-Looking Statements
This release includes 'forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements outlined in this press release constitute 'forward-looking statements.' Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements and may contain the words' estimate', 'project,' 'intend,' 'forecast,' 'anticipate,' 'plan,' 'planning,' 'expect,' 'belief,' 'will likely,' 'should,' 'could,' 'would,' 'may' or words or expressions of similar meaning. Such statements are not guaranteeing future performance. They are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from predicted results and reported results should not be considered an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, limited financial resources, domestic or global economic conditions, competition, changes in Technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced vendors, services or features, and various other factors beyond the Company's control.
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