Blue Sphere Corp. (BLSP)

[mowsmows]

Blue Sphere Completes Asset Sale
Apr 06, 2016
OTC Disclosure & News Service

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Blue Sphere Completes Asset Sale
The Company closes on the sale of non-core assets, focusing on the growth of its core waste-to-energy business.
PR Newswire

CHARLOTTE, N.C., April 6, 2016

CHARLOTTE, N.C., April 6, 2016 /PRNewswire/ -- Blue Sphere Corp. (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean-tech independent power producer that develops, manages and owns waste-to-energy facilities globally, announced that on March 27, 2016, it completed the sale of its shares in Quickcharge Pte. Ltd., a company incorporated in Singapore ("Quickcharge") to Voltape Ltd., a company incorporated in Israel ("Voltape"). Voltape agreed to pay the Company USD $100,000, $50,000 of which was paid at closing and $50,000 of which is payable to the Company within 90 days of closing. Quickcharge was founded to develop and commercialize technology related to fast charging batteries that the Company licensed from Nanyang Technological University. The Company terminated the license concurrently with the sale of its interest in Quickcharge.

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Blue Sphere is divesting these non-core assets to focus on its core businesses of developing, acquiring and operating waste-to-energy facilities. Further details of this transaction can be found in a Form 8-K that was filed by the Company on March 29, 2016.

About Blue Sphere Corporation
Blue Sphere Corporation, is a diversified independent power producer that develops, owns, and operates clean-tech, renewable energy facilities in the United States and abroad. The Company primarily converts organic waste into electricity, but also has the ability to generate heat, natural gas and organic byproducts through various technologies.

Blue Sphere facilities eliminate waste that would normally be disposed in landfills, reduce greenhouse gas emissions and protect water quality, helping to solve important global environmental issues.

Blue Sphere is headquartered in Charlotte, North Carolina and has operations in the United States and Europe.

For further information about Blue Sphere, please visit the Company's website: www.bluespherecorporate.com.

Forward-Looking Statements
This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties and may change at any time. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding general economic and market conditions, (ii) uncertainties regarding changes in the Clean tech sector, (iii) uncertainties regarding implementation of the Company's business strategy, and (iv) other risk factors as outlined in the Company's periodic reports, as filed with the U.S. Securities and Exchange Commission. As such, there is no assurance that the initiatives described in this press release will be successfully implemented or meet expectations. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.

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SOURCE Blue Sphere Corp.



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