Terms and conditions of the joint endeavor comprise of sharing in sales revenue, license sales revenue, and a choice for a future minority equity exchange between IDVC and EverForce.
IDVC will likewise have the chance to authorize Everforce power plants in the province.
IDVC has the knowledge of these high demand regions and contacts that can help us accelerate sales.
Still, IDVC is now considering other options with high profit potential and expects to finalise the acquisition of an unnamed entity by early September, the companya[euro](tm)s director Eric Montandon said.
In preparation for the particular takeover, IDVC intends to repay its entire outstanding convertible debt of about USD50,000 (EUR41,250) prior to its conversion.
Last month, IDVC said it had bought a majority stake in compressed natural gas (CNG) conversion specialist Cleanfield Energy Inc for an undisclosed amount.
I look forward to pursuing what avenues might become available for IDVC to work with Virginia in translating this legislation into action.
government contracting should position IDVC to make a significant contribution to the development of CNG projects," stated Shawn Teigen, Utah-based IDVC director.
The forward split will be effective today, meaning that IDVC
will begin trading on a split-adjusted basis.
On the closing date, IDVC will acquire up to 100% of the 16,272,490 outstanding shares of Intelspec from its shareholders in exchange for 14,000,000 shares of IDVC.
Morgan and Shawn Teigen will be appointed to the board of directors of IDVC when the current directors resign on the closing date.