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.
