Advantagewon Oil Corp. announces that further to its news release dated February 8th, 2021, it has completed the acquisition of a minority interest in Starvolt Power Inc. ("Starvolt"). Starvolt has developed a proprietary technology based upon flexible solar panels that it intends to leverage to become an electric vehicle designer and supplier. The investment in Starvolt furthers the Corporation's mission of being a leading provider of low-cost energy solutions.
The Corporation announces today that it has closed the Transaction and acquired approximately 30% of the outstanding common shares in the capital of Starvolt (the "Starvolt Shares"), in consideration for the issuance of 9,166,667 common shares in the capital of Advantagewon (the "Payment Shares") at a deemed price of $0.12 per share to the holders of the Starvolt Shares being acquired by Advantagewon (the "Transaction"). The Transaction was completed pursuant to a share exchange agreement (the "Share Exchange Agreement") between the parties. The Payment Shares are not subject to any hold period under applicable securities laws.
Further to its February 8th, 2021 news release, the following information provides additional clarity and disclosure on the business of Starvolt and the current status of its operations. Starvolt's goal is to become a leading designer and supplier of electric vehicles for urban commuting and transportation. The company's focus will be on single and dual passenger motor vehicles, multi-passenger cars, and multi-person mini-buses. The vehicles will be powered by the proprietary technology that Starvolt is currently developing, which is premised on flexible solar panels that are intended to deliver more power than their competitors' products, which will enable Starvolt's vehicles to travel greater distances without requiring a plug-in charge. Starvolt's current focus is on continuing research and development of its proprietary flexible solar panel technology. Once Starvolt completes the research and development phase, it intends to swiftly take steps to commercialize its technology, which will include seeking to enter into arrangements with vehicle manufacturers to produce its vehicles and/or developing its own manufacturing capabilities. Paul Haber, Executive Chairman, stated "We are pleased to be able to acquire this technology. We believe it's a great step for us to become a more integrated energy supplier which will benefit our stakeholders by offering a more diverse product line."