Boulder, Colo. - Wireless charging technology provider WildCharge and rechargeable battery manufacturer Pure Energy have inked a Joint Operating Agreement (JOA) that has been approved by both company's boards.
The companies announced in June their intent to team up to jointly develop wireless power solutions using rechargeable battery technology
The companies have agreed to a two-stage transaction. Stage 1 of the transaction consists of the JOA under which the companies have combined the development, marketing and sales of their charging and battery-related products. In Stage 2, it is anticipated that WildCharge will acquire Pure Energy's battery business including its manufacturing plant, equipment and all agreements and intellectual property relating to batteries and related liabilities in exchange for Pure Energy receiving a 50 percent ownership in WildCharge.
The agreement states that the JOA "shall remain in effect unless and until the earlier of the completion of Stage 2, failure by the board of directors and shareholders of WildCharge or Pure Energy to approve completion of Stage II, failure to obtain required approvals associated with the transfer of the manufacturing plant [by] January 31, 2010 (or such other date as may be mutually agreed by WildCharge and Pure Energy)."
Dennis Grant, chairman/CEO of WildCharge, said, "Joining forces with Pure Energy Visions is truly creating a greater value to our OEMs and ODMs, who, in turn, will bring greater innovation to their end users. Through our licensing partnerships, end users have greater access to two delightfully simple, convenient, and environmentally friendly charging solutions; Pure Energy's rechargeable batteries and the WildCharge wire-free power technology."
"Working together with WildCharge provides an outstanding opportunity for the advancement of Pure Energy's rechargeable battery business," stated Paul W. Simmonds, Pure Energy's president and CEO. "The combination of Pure Energy's and WildCharge's technologies cannot be matched in the market place and gives the company a great advantage in penetrating this fast growing segment of the market."
Pure Energy contended its rechargeable alkaline batteries are the only rechargeable batteries that can be used in any application that uses disposable alkaline batteries.
WildCharge's technology enables licensees to deliver wire-free charging to a variety of devices that require varying amounts of power. Devices such as cellphones that require only a few watts of power to laptops that need more than a hundred watts can be powered from a single, contiguous and non-discriminating charging surface.