Wednesday, November 16, 2011 12:31:57 PM
From the Aug 30, 2011 Press release, the LOI with Megrant is ... "that the two companies wish to organize a company specific to the manufacturing, marketing and installation of TTE's on-demand hydrogen (H2) generator technology. Other details reveal that the two entities will formalize their intentions by signing a Joint Venture Contract Agreement within 90 days of the signing of the LOI or within 30 days subsequent to the completion of a satisfactory due diligence examination, whichever comes first."
** On a second note** -- I read some posters that are using a 90-day time frame for status on the LOI with Megrant, pls note the above quote as it clearly defines 2 specific events that start the clock to cement the joint venture, all based on a "satisfactory due diligence examination".
When you view the available info (from both TTEG and Energy Services websites as well as Megrant CEO's quote), I fully anticipate a successful conclusion -- but it doesn't have to be within 90 days from Aug 30, 2011.
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