Blackbird International Corporation Announces Final Step In The Acquisition Of World Leader in Sea Wave Energy Technology
25 Juni 2014 - 6:00PM
Marketwired
Blackbird International Corporation Announces Final Step In The
Acquisition Of World Leader in Sea Wave Energy Technology
OAKVILLE, ON--(Marketwired - Jun 25, 2014) - Blackbird
International Corporation (PINKSHEETS: BBRD) is pleased to announce
that it is in the final stages of the acquisition of SDE Ltd. It
had previously released news that it had exchanged a Letter of
Intent with SDE Ltd for purposes of a merger. Blackbird shall
acquire 100% of the shares of the target company in exchange for
restricted stock.
"We are delighted to announce that following the recent exchange
of a mutually acceptable Letter of Intent to acquire the
outstanding shares of SDE Ltd, all necessary due diligence has been
successfully completed by both Parties," states John Pedder,
president. "The last remaining procedural item is the signing
of a definitive agreement and share exchange. This is the final
stage of the negotiations and both companies are committed and on
track to close the transaction by the beginning of July. There will
be no change in the current authorized and issued capital of the
company as we had adjusted our equity base earlier in the year in
order to elicit merger options. As stated previously, this new
opportunity represents a complete change of direction for the
company and the chance to create long lasting shareholder value. We
are very excited by the growth prospect provided by SDE Ltd world
leading technology. The shareholders will be kept informed of
developments."
Mr. Shmuel Ovadia, CEO, S.D.E. Ltd, added, "We are 100%
committed to this merger and it fits perfectly into our strategic
plans providing the type of dynamic opportunity for growth
that only equity and capital markets can provide. Our
technology is world leading and timely. We will provide more
comprehensive updates to existing and potential shareholders
following the merger transaction."
About SDE Ltd.
S.D.E.'s technology is based on the utilization of sea waves to
yield hydraulic pressure that produces electricity while exploiting
the full potential of wave speed, height, depth, rise and fall, and
currents beneath the surface of the water. Scientists from around
the world claim that using 1% of wave energy can provide the
equivalent electricity of 500 times the world energy consumption.
Energy density in waves is high compared with other renewable
energy sources such as wind power and solar power. Over a year, the
energy output is approximately 3 times that of solar or wind
technology.
Results and experimental fieldwork conducted in Israel and
abroad indicate that the energy production from sea waves by SDE's
technology cost of 2-6 cents for 1KW, a significantly lower cost
compared to other renewable energy technologies (for example, wind
energy -- 12 cents, Solar Energy 16 cents).
In addition, SDE's technology allows an annual output of 65% --
significantly higher yield compared to other renewable energies
(wind energy -- an annual output of 24%, solar energy an annual
output of 22%). One added benefit of the technology, says the
company, is that it bears low production costs of 2 cents per
kilowatt-hour only, though governments are willing to pay between 8
and 44 cents per kWh for use of the system.
SDE was selected by a team of international scientists as number
one in the world in Sea Wave Energy Technologies, numbers six in
Tidal Energy and River Energy, and was ranked as one of the Top 100
Clean Energy Technologies. SDE had been invited to Ecuador by
the minister of renewable energy and electricity to come and
introduce its unique technology. Ecuador has special interest
in building Sea Wave power plants in different protected
fragile sites around the Galapagos Island such as Isla Santa Cruz,
Isla Isabela, Isla San Cristobal, Isla Baltra and Isla
Floreana.
The Israeli company with its proven track record of
installations across the globe has several projects around the
world with government entities as well as with the private sector.
SDE has established 11 joint ventures with local partners in 9
different countries including a second project in China.
http://www.greentechmedia.com/industry/read/sde-energy-ltd-named-world-leader-in-sea-wave-energy-technolo-58957
About Blackbird International Corporation
Blackbird International Corporation
(www.blackbirdinternationalcorporation.com ) is the sole
shareholder of Insight Group Technologies Inc which is an industry
leader in the design and delivery of supply chain planning,
optimization and execution systems. Insight has the unique ability
to incorporate the strategic development, deployment and execution
of software for the Supply Chain industry.
Forward-Looking Statements This news release contains
"forward-looking statements," as that term is defined in Section
27A of the United States Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Statements in this press
release that are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future.
Contact: John Pedder John.pedder@insight-holdings.com
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