GREENEVILLE, Tenn.--(BUSINESS WIRE)--Hydrogen Engine Center Inc., a Nevada corporation, (OTC PK:HYEG) announced today that on September 23, 2016, it received notification from Off Grid Sdn. Bhd. that Off Grid is unable to conclude the Common Stock Purchase Agreement by payment of the $24 Million purchase price on or before September 30, 2016, as required by the agreement. No shares will be issued to Off Grid and the Technology License Agreement anticipated under the Common Stock Purchase Agreement will not be effective unless and until payment of the full cash purchase price is received.
In its letter of notification, Off Grid stated that its funder has requested further financial information of HYEG. HYEG continues its efforts to commence full commercial operations and to become a reporting company with the US Securities Exchange Commission. At this time, HYEG intends to continue communication with Off Grid, but there is no assurance that the transaction will close.
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.