Press Release Source: China Nuvo Solar Energy, Inc. On Wednesday March 30, 2011, 7:00 am EDT
WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- China Nuvo Solar Energy, Inc. (OTCQB: CNUV) outlined today its financing plans regarding the previously announced planned acquisition of Freya Energy, Inc. The Company is presently focusing on lenders and institutional investors for financings meeting the criteria that they be substantially non-dilutive and non-toxic to existing shareholders. The Company is currently in discussions with two groups that would provide up-front purchase order financing and has received strong indications of interest. It is also in discussions with several institutional investors for transactions contemplating the purchase of restricted stock. The Company anticipates it will seek an aggregate of approximately $2 million over the first twelve months to finance the Freya operations.
While the Company has received strong indications of interest and is presently negotiating term sheets, no agreements have been executed and there is no assurance that any transaction will be completed with respect to any of the financing alternatives.
About Freya Energy
Freya is a producer of safe large format lithium ion cells and batteries for demanding applications. Freya believes its proprietary separator provides greater safety than competitive products and provides a higher energy density than others on the market.
About China Nuvo Solar Energy
China Nuvo Solar Energy, Inc. is a development stage company that owns unique patent-pending solar and photovoltaic related technology. The Company's business model includes a roll-up strategy of clean energy companies and intellectual property within the renewable energy sector.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
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