For those who can't read, don't want to read, who have short positions, who just want to trade short term, or those who just are lazy:
Effective December 27, 2016, HydroPhi Technologies Group, Inc. and HydroPhi Technologies, Inc. entered into an agreement with HydroPhi Group, Ltd to transfer and dispose of the intellectual property developed and integrated by HydroPhi Technologies, Inc. related to the “HydroPhi” process of water gasification. This action effectively exits HydroPhi Technologies Group, Inc. from the retrofit market, and focuses the company on the ground freight logistics business.
After sustaining continuing and mounting losses at the company from the support of the Hydrogen gas technology retrofit business, the company opted to focus management attention on the rapidly growing ground freight business. This decision was reinforced by the high cost of continued development, the lack of executable contracts, and dampened demand for the technology as a result of sustained and persistent low fuel prices. The market simply no longer remained viable under these conditions.
The consideration for the transfer included the cancellation or transfer of a portion of the accrued liabilities of the business in addition to compensation and expenses due Roger M. Slotkin for services as an employee of HydroPhi Technologies Group, Inc. on or before April 1, 2016.
