Novagen Solar Inc. (OTCPK:NOVZ) entered into a written agreement to acquire an aircraft computerized hydraulic test station from Misal Technologies Pty Ltd. for AUD 2 million on March 7, 2013. The consideration also includes a royalty of 2.5% of the net profit resulting from the sale and service use of the asset for a period of 15 years. The purchase price is payable on the completion date. The vendor agrees to sell and the purchaser agrees to buy from the vendor all the vendor's right, title and interest in the assets for the purchase price. The transaction is subject to Novagen's due diligence inquiries being satisfactory in all respects to Novagen by March 28, 2013. The Board of Directors of Novagen approved the asset sale agreement and the transactions contemplated thereby after determining that the asset sale agreement and the transactions contemplated thereby are fair to and in the best interests of Novagen. The transaction is expected to close on or before March 29, 2013.

Novagen Solar Inc. (OTCPK:NOVZ) cancelled the acquisition of an aircraft computerized hydraulic test station from Misal Technologies Pty Ltd. on March 7, 2014.