Interact Holdings Group, Inc (IHGP)

[christoba]

Breaking News...My thought is...how is IHGP gonna finance this product for production? Hopefully not equity financing.



Interact Holdings Group, Inc. Announces Letter of Intent to Acquire Intellectual Property for Patented Electric Motor
Tuesday March 10, 9:45 am ET


ATLANTA, March 10 /PRNewswire-FirstCall/ -- Interact Holdings Group, Inc. (Pink Sheets: IHGP - News) announced today it has executed a Letter of Intent to acquire the intellectual property for a newly designed patented electric motor.
ADVERTISEMENT


The patented electric motor was designed in 2005 by a private inventor in New Mexico. The Company has been in discussions with the inventor since the fall of 2008 to acquire the Intellectual Property with the intent of bringing the motor to market as quickly as possible.

In preliminary testing, the motor has produced approximately 150% more torque than the traditional electric induction motor designs. The Company intends to modify the motor to work with electric scooters, electric motorcycles, and other similar devices with the intent of increasing the power available to these devices.

The Company expects the transaction to be closed within 30 days or less so it may start production on the motor.

"We are only into the third month of the New Year and IHGP is well on its way to adding several new and possible long term revenue generating assets to our Portfolio. To say that I'm excited about the acquisition of the High Performance Motor is an understatement. I have personally observed and tested the performance of this motor against other conventional motors and witnessed the percentage by which it outperformed them all. The possibilities of this motor's applications are boundless. The above-mentioned Scooters, Cycles and other Electro-powered devices are just the beginning. We are already exploring the licensing of this motor to other companies who might be able to find applicable use for its power," said William Yates, President of Interact Holdings Group.

For more information about Interact Holdings Group, Inc., visit http://www.interactholdings.com