Comerton Corp. has entered into an Asset Acquisition Agreement to acquire assets related to the development, sales, marketing, and distribution of vertical-axis wind turbines with the automatic balancing technology.
The company designs energy-efficient, high-performance vertical-axis wind turbine that significantly reduce the need for fossil fuel generated electricity.
The Asset Agreement includes but is not limited to trademarks, know-how, trade secrets, supply lists, and other assets and intellectual property of any kind, relating directly or indirectly to the manufacturing, sales, and distribution of the technology for use in the wind turbine, electric motor, and generator industries (the “Acquired Assets”).
As per the Acquisition Agreement, the Company acquired 100% of the Acquired Assets in exchange for:
- 71,502,800 restricted shares of the company’s common stock;
- 1,000,000 restricted shares of the company’s Series A Preferred stock.
In addition, the Acquisition Agreement contains a post-closing condition such that the company’s current majority shareholder shall cause the cancellation of:
- 71,502,800 shares of the Company’s restricted common stock
- 900,000 shares of the company’s Series A Preferred Stock currently beneficially owned by him and such stock shall be returned to the company’s treasury.
Following the completion of stock issuances and cancelations contemplated by the Acquisition Agreement, there will be 111,705,743 total common shares and 1,100,000 Series A Preferred shares issued and outstanding.
Following execution of the Acquisition Agreement, Rod Egan, a co-developer of the Automatic Balancing Technology, was appointed as the President and Chief Executive Officer, Treasurer and Director of the Company. In addition, Jeong Soo Park was appointed as the Secretary and Director of the Company. Tom Graves, former majority shareholder of the Company, resigned from all executive and board positions with the Company.
The proprietary Automatic Balancing Technology (ABT) is a mechanical device used to automatically balance the high-speed rotating parts of a wind turbine to produce less vibration, resulting in more energy efficient operation.
The ABT device can be installed on or built into most rotating components. The ABT’s ability to self-adjust to constant wind turbine imbalance changes during operation could potentially eliminate laborious balancing processes, saving balancing costs in the factory and rebalancing and other maintenance costs in situ, while also adding a safety feature to the system.
Filed Under: Community wind, News