NuEnergy Group, Inc. In Product Development Joint Venture; Company Expands TEG Patent Protection Application Worldwide.Business Editors BOHEMIA, N.Y.--(BUSINESS WIRE)--May 1, 2003 NuEnergy Group, Inc. (NUER: Pink Sheets) announced today that it has entered into a strategic joint venture for the development, manufacturing, marketing and distribution rights to a proprietary method of water desalination Water desalination The removal of dissolved minerals (including salts) from seawater or brackish water. This may occur naturally as part of the hydrologic cycle, or as an engineered process. that the company's research to date has shown to have promising potential for integration into renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. product applications. The effort was embarked upon in response to public information of a potential Broad Agency Announcement by the Office of Naval Research The U.S. Office of Naval Research (ONR), headquartered in Arlington, Virginia (Ballston), is the office within the U.S. Department of the Navy that coordinates, executes, and promotes the science and technology programs of the U.S. , the Department of the Interior and the US Army regarding an Expeditionary Force An armed force organized to accomplish a specific objective in a foreign country. expeditionary force n → cuerpo expedicionario expeditionary force n → corps m Water Purification  It has been suggested that , , and be merged into this article or section. Unit. For its participation in the joint venture NuEnergy will fund the research and development of a water desalination device designed to meet the anticipated governmental requirements and expected to have renewable energy applications in exchange for the exclusive rights to manufacture, market and distribute the finished product. The strategic partner, a private inventor with well established scientific credentials, will earn a royalty, which will be determined thru further negotiation and agreement, on each unit sold. The joint venture team presently projects early stage completion of a small-scale "proof of concept" prototype in 3 to 4 months. NuEnergy Group, Inc.'s, Chairman, President 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. , Mr. Hector M. Guevara, stated: " The global need for desalinized water and renewable energy gives us great motivation to develop a product that will compliment our growing family of sustainable energy
Sustainable energy sources are energy sources which are not expected to be depleted in a timeframe relevant to the human race, and which products and enhance our shareholders' value." Additionally, the company's board announced that it has expanded the Thermal Electric Generator (TEG teg also tegg n. A sheep in its second year or before its first shearing. [Origin unknown.] Noun 1. teg - two-year-old sheep lamb - young sheep ) United States patent pending protection application worldwide to all countries and regional bodies party to the international Patent Cooperation Treaty The Patent Cooperation Treaty (PCT) is an international patent law treaty, concluded in 1970. It provides a unified procedure for filing patent applications to protect inventions in each of its Contracting States (see Accession section below for current membership . This protection application includes National Patents in over 101 countries on six continents plus 4 multi-country Regional Patents providing overlapping coverage in Europe, Africa and Eurasia. About NuEnergy Group, Inc. NuEnergy Group, Inc. is a Long Island, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based public company trading over-the counter under the symbol NUER. It's wholly owned operating subsidiary, NuEnergy Industries Corp. (NuEnergy), is a manufacturer, distributor, consulting, and research and development firm specializing in alternative energy products. NuEnergy Group Inc. owns and controls the intellectual property, patent, development, marketing and distribution rights to multiple alternative energy products including the patent pending Thermal Electric Generator (TEG). About TEG TEG, short for Thermal Electric Generator, is a patent pending renewable energy device that management believes is a breakthrough technology that may conceivably alter the local and global energy landscape by reducing global dependence on the demand and utilization of fossil fuels. The TEG is a solid-state module; similar in appearance only to the photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. (PV) modules we currently see and use to convert radiant and diffused light into electricity. The TEG modules, however, work on a completely different, and much higher, principle of efficiency of conversion of heat into electricity. TEG will work in the dark or under light, as long as there is a conductive, convective, or radiant heat source to create an excitation of electrons producing a chain reaction that results in the usable flow of electricity. In over simplified layman's terms, NuEnergy's research and development to date suggests the TEG can convert heat from just about any source directly into usable electricity. It is hoped that this feature will facilitate rapid early market penetration as a cogeneration device in many applications where excess heat capacity is now a wasted burden, such as beneath moving mass transit subway cars, furnaces and other heat producing equipment in industrial plants. NuEnergy's R&D division has completed the research phase and is working with strategic partners from the private, public, and academic sectors in the development phase. Currently, development is at the bench testing materials stage, a process that management believes will yield a working prototype in 2 to 3 months. NuEnergy projects launching an initial market entry campaign for the TEG product early in the 1st quarter of 2004. For more information on TEG and its potential applications visit the NuEnergy's website at www.NuEnergyGroup.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted projections. These risks and uncertainties include, among other things, energy market volatility, product demand, market competition, and risk inherent to the company's research and development operations. |
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