BlueStar - Letter of Intent Signed between IPC Peripheral (PTE) Ltd. and Company for Provision of Advanced Energy Storage Solutions.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 12, 1996-- BLUESTAR BATTERY SYSTE(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BHW BHW Beamten Heimstätten Werk (German Building Society) BHW Boiler Hot Water BHW Brick Headwall BHW Blackman-Harris Window Function BHW Binary Halfword ) BlueStar Battery Systems International Corp. ("BlueStar") has signed a letter of intent with IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request. Peripherals (Pte) Ltd., ("IPCP IPCP - Internet Protocol Control Protocol "), to develop a joint venture company in Singapore. The joint venture will have a paid up capital of US $10 million with BlueStar having 40 percent equity ownership and IPCP having 60 percent equity ownership. IPCP is 80 percent owned and operated by IPC Corporation Ltd. and 20 percent by the EDB EDB ethylene dibromide; a grain fumigant toxic to chickens. Venture II which is the investment arm of the Economic Development Board, a statutory board in Singapore. IPC Corporation is a worldwide information technology corporation with 1995 sales revenue in excess of Cdn. $1.4 billion. The joint venture will initially be established to develop 100 percent owned subsidiaries to include but not limited to the following: (1) Manufacturing in Asia: - Assembly facility for smart battery packs; - Manufacturing facility for primary cells; and - Manufacturing facility for lithium rechargeable batteries. (2) Sales & Marketing: - The joint venture company will become a sales and marketing arm for BlueStar in areas outside North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. subject to appropriate circumstances and timing. (3) Research & Development: - R & D Centre for materials and cell chemistries; and - Development laboratory for power electronics, battery packaging and manufacturing process and equipment, The management of the joint venture will be guided by a board of directors of five, two members appointed by BlueStar, two members appointed by IPCP and one from the Economic Development Board of Singapore. Concurrently with this agreement, IPCP will be extended one board seat on the board of directors of BlueStar and Patrick Ngiam, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of IPC Corporation Ltd. will join the board. BlueStar is a North Vancouver-based developer, manufacturer and marketer of advanced lithium batteries for military and commercial markets. Typical applications of BlueStar's products include portable communications equipment, emergency locator transmitters and remote sensing equipment. Advanced lithium batteries offer a long shelf life (up to ten years) and excellent low temperature operating capability. BlueStar Battery Systems International Corp. trades on the Alberta Stock Exchange under the symbol BHW. The agreement is subject to the approval of the boards of directors of both BlueStar and IPCP. CONTACT: BlueStar Battery Systems International Corp. Greg Agar Agar, in the Bible Agar (ā`gər), the same as Hagar. agar, substance obtained from seaweed agar (ä`gär, ā`–, ăg`är) , 604/681-0363 800/806-5611 or BlueStar Battery Systems International Corp. Dr. Lynn Marcoux, 604/986-4104 |
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