Vancouver, British Columbia-based Finavera Renewables Inc. has entered into a definitive agreement to sell Finavera Renewables Ocean Energy Ltd. (FVROE), the company's wholly owned subsidiary, including all assets and intellectual property related to the AquaBuOY wave energy technology.
‘The sale of our ocean energy division completes our corporate transition to a pure wind company,’ says Jason Bak, CEO of Finavera Renewables. ‘The AquaBuOY technology has the potential to become a viable renewable energy alternative, and this transaction will provide significant benefits to Finavera.’
Pursuant to the agreement, the purchaser will issue to Finavera Renewables 10% of its issued and outstanding shares if and when a public listing is secured. The purchaser also assumes all liabilities and debts associated with FVROE.
SOURCE: Finavera Renewables Inc.