GREENEVILLE, Tenn.--(BUSINESS WIRE)--Hydrogen Engine Center, Inc., a Nevada corporation, (OTC PK:HYEG) announced today that it has entered into a Common Stock Purchase Agreement with Off Grid Sdn. Bhd., a corporation organized under the laws of Malaysia. Under the Agreement, HYEG has agreed to enter into a Technology License Agreement with Off Grid and to issue and sell to Off Grid, Twelve Million (12,000,000) shares of HYEG Common Stock in exchange for a cash purchase price of Two U.S. Dollars ($2.00) per share. The Technology License Agreement will grant Off Grid rights to produce and manufacture certain intellectual properties of HYEG, including the TINA Renewable Energy Carbon-Free Hydrogen Electrolysis System and H2Gen Electrical Generation Sets, within the countries of Indonesia, Malaysia, Philippines, Singapore, Thailand, Bruner, Cambodia, Laos, Myanmar and Vietnam.
The Technology License Agreement will be effective upon payment of the cash purchase price in full. Under the terms of the Agreement, the cash purchase price is to be paid and the shares are to be issued in installments as follows:
i. On or before July 31, 2016, Off Grid has agreed pay to HYEG $3,000,000 and in exchange HYEG has agreed issue 1,500,000 shares to Off Grid.
ii. On or before August 31, 2016, Off Grid has agreed pay to HYEG $7,000,000 and HYEG has agreed issue 3,500,000 shares to Off Grid.
iii. On or before September 30, 2016, Off Grid has agreed pay to HYEG $14,000,000 and HYEG has agreed issue 7,000,000 shares to Off Grid and to execute the Technology License Agreement.
Theodore G. Hollinger, President and CEO of the Company stated, "this transaction allows HEC-TINA to begin production of its energy storage system that includes the recently acquired electrolyzer technology from Tina Energy Systems that is highly efficient and produces hydrogen and oxygen at high pressure without the need for any compressors and HEC's new highly efficient and low maintenance plate engine technology. These are combined to form the HEC-TINA Energetic Module. It supplies the necessary power when the sun isn't shinning and can also supply hydrogen fuel for vehicles. This combination is the culmination of a dream that I have had for many years. This will help the Association of Southeast Asian Nations (ASEAN) area to reduce pollution and increase the quality of life. It also prepares HEC-TINA to start commercial production of products to be placed in substantial numbers around the world. I would like to thank the investors and Pedro Blach for helping make this dream come true.”
For further information about this release please contact the Company.
Hydrogen Engine Center, Inc., and its subsidiary, HEC-TINA, Inc. develop systems and processes used in the design, manufacture and distribution of clean energy and carbon-free renewable hydrogen fuel systems including alternative fuel internal combustion engines, engine controls and generator systems. These technologies can provide 24 hours/day and 7 days a week energy to customers and partners in the industrial and power generation markets. The hydrogen fuel source is produced by electrolysis from water from all renewable sources including wind, solar, hydroelectric and other sources. These solutions and the engines using them are also designed to run on methanol, ammonia and other traditional renewable fuels. Engines and engine products are sold under the brand name Oxx Power™. Principal offices are located at 1621 Industrial Road, Unit B, Greeneville, TN 37745. Visit www.hydrogenenginecenter.com or in the US dial 423-278-2952 for more information.
This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, the failure of the Common Stock Purchase Agreement to close as anticipated, the ability of the Company to commence commercial operations after several years of minimal business activity, new products and technologies that may compete with those the Company plans to offer, the Company’s ability to hire and retain qualified employees, the Company's dependence on third-party suppliers, the availability of capital and other risks.