Solar Energy Limited ``Commercializes Another of Its Assets''.
LOS ALAMOS, N.M.--(BUSINESS WIRE)--May 22, 2002
In keeping with Solar Energy Limited's (OTCBB:SLRE) (the Company) stated program of being an "incubator" of energy, water, and pollution related projects, the Company wishes to announce that it has entered into an agreement to sell another one of its development assets.
A public company listed on the TSX Venture Exchange Inc., Bishop Resource Inc. (TSX-VA) (symbol "BRI"), has entered into an agreement to acquire certain exclusive rights to the Company's unique design of an engine called MECH which stands for `Motor, Expander, Compressor, Hydraulics'.
MECH has been designed, patented and successfully tested by the engineering team led by Dr. Melvin Prueitt. Dr. Prueitt, the chairman of the Company, is well known for his work at the Los Alamos National Laboratory in New Mexico.
The MECH engine substitutes rolling friction for sliding friction and can be adapted to an internal combustion engine, gas expander, compressor, hydraulic pump or hydraulic motor. The target is an engine that is one-third the size and weight of a conventional engine for the same power and one-third more efficient.
The purchase price of MECH consists of $50,000 cash, plus $4,000,000 convertible preference voting shares and 2,500,000 shares of BRI (post consolidation).
Additional information on the transaction is available on BRI's press release of May 10, 2002.
Coupled with the sale of two previous assets the Company, on closing, will have $20M in 3 year convertible debentures plus significant shares of two public companies. The purpose of this current sale of assets, together with previously reported transactions, is to improve our asset base and to move our projects closer to commercial marketability.
The Company will be continuing its program of developing R&D assets to the point where they can be commercialized by either selling or joint-venturing the projects to investors who provide the ongoing R&D funds while the Company provides the technical team and the intellectual property rights of the projects.
Certain matters discussed in this new release are forward looking statements and certain important factors may affect the Company's actual results to differ materially from any forward-looking statements made in this release, or which are otherwise made by or on behalf of the Company. Such factors include, but are not limited to, changes in market conditions, the inability to commence planned projects in a timely manner, the impact of competition, as well as risks associated with acquisitions. The Company believes that the information contained herein is from sources considered reliable but cannot guarantee that the statements presented are accurate or complete.
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|Date:||May 22, 2002|
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