Jet Power is one of Western Canada's largest independently-owned switchgear manufacturers providing custom and turnkey solutions.
CellCube Storage Systems Inc. ("CellCube or the "Company") (CSE: CUBE)(CSE: CUBE.CN)(OTCQB: STNUF) (Frankfurt: 01X) Reports as follows:
Further to the company's news release of February 28, 2018, CellCube Energy Storage predecessor, Stina Resources Ltd, had agreed to purchase all of the existing shares of Jet Power and Controls Ltd. ("Jet Power")
Jet Power is one of Western Canada's largest independently-owned switchgear manufacturers providing custom and turnkey solutions. The Corporation will continue to provide innovative and high quality custom products; Arc Resistant and Metal-Clad Switchgear, Motor Control Centers, VFD's and Inverters to heavy power users, pipelines, refineries, manufacturers, municipalities and infrastructure providers.
The company is pleased to report that the acquisition of Jet Power has now been completed resulting in the purchase by CellCube Energy Storage Systems Inc. of all Jet Power and Control Ltd. shares. The parties have amended the transaction to provide for the purchase of all Jet Power shares in consideration of up to 3,723,131 shares of CellCube, averaged price of $0.365 per share and assuming the exercise of convertible securities, rather than the earlier stated amount of 6 million shares.
Brian Ricker, President of Jet Power stated "We are very pleased with the progress of Jet Power since my taking the helm a few months ago. We are presently changing the name of Jet Power and Controls Ltd. to EnerCube Switchgear Systems Inc. to better reflect the companies go forward branding and focus as in integral part of the energy storage system solution that CellCube Energy Storage System Inc. intents to deploy worldwide."
Brian Stecyk, Cell Cube CEO stated, "The grid-connected storage market is expected to grow 44% annually with the market size reaching $18-billion (U.S.) by 2024 (Navigant Research). CellCube, with its recent acquisition of the assets of Gildemeister Energy Storage GmbH (now Enerox) and Jet Power and Controls Ltd., and its investment in Braggawatt Energy Inc., is ideally positioned to capitalize on the demand for vanadium redox flow batteries (VFRBs) worldwide to help meet the world's rapidly growing energy storage needs. In addition, CellCube has recently invested in, and formed a strategic relationship with Braggawatt which provides financing through an on-line platform that allows corporations to effectively adopt cost-saving on-site energy solutions."