Quest Water Acquires New Solar Energy Technology
Published on by Water Network Research, Official research team of The Water Network in Business
Quest Water's Heliosource Has Acquired a New Patented High Performance Solar Technology from the Hohulin Family Trust
Quest Water Global, Inc. (OTCQB:QWTR) ("Quest" and/or "Quest Water" and or "Company"), an innovative water technology company, and developer of the AQUAtap™ Community Drinking Water Station and WEPSTMAtmospheric Water Extraction and Purification System, announced today that the Company's wholly-owned subsidiary,
Heliosource, Inc., has acquired a new patented high performance solar technology from the Hohulin Family Trust.
The new solar technology, known as EM-CS, is believed to provide substantially greater solar energy production and conversion efficiency than present photovoltaic products. The product has been under development for a number of years and is now at the point of commercialization. Quest Water, through its wholly-owned subsidiary, Heliosource, Inc., plans to take the technology into production and commence sales.
Over the next six months Heliosource will fabricate and assemble a new, advanced prototype that will validate the EM-CS solar technology. The third party validation process will assess the solar technology's ability to meet certain criteria, and then be used to conduct an IP asset valuation to establish a market value for the product. Under the terms of the agreement, Heliosource must raise a minimum of $500,000 by February 28, 2015 which will be used to build the new prototype.
Once the technology is successfully validated, Heliosource must raise a minimum of a further $6 million and then grant the Hohulin Family Trust a 10% equity position in Heliosource, issue the trust 5 million shares of Quest Water Global, Inc., an $8 million cash payment ($2 million as part of the second raise with a 5 year note for the balance paid out at 20% of revenue), and a 6% royalty on net before tax revenue on all products sold.
Source: BusinessWire
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