During the three month period ended March 31, 2013, we transferred all of the assets related to our hydrogen generation business to a new wholly owned subsidiary, Novofuel, Inc. ("Novofuel") in exchange for 12,000,000 shares of Novofuel common stock. Novofuel was formed as a separate entity in anticipation of executing a transaction with Genport, srl of Italy, which would merge its wholly-owned operating subsidiary into Novofuel. The Company and Genport have executed a Term Sheet and the parties are moving forward toward completion of a definitive agreement through which both parties would own 50% of Novofuel before any future financings.
If completed, the merger would combine and integrate the synergistic technologies, Intellectual Property, products, revenues, engineering staffs, manufacturing operations, marketing, sales and services activities of both companies. The focus of Novofuel would be to pursue and capture backup and portable power applications and business opportunities in the U.S., Europe. The new entity would pursue the engineering development of an integrated 5kW backup power system for telecom facilities.
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