BluForest Inc. Signs LOI to Acquire New World Generation
QUITO, ECUADOR, Nov 28, 2012 (Menafn - MARKETWIRE via COMTEX) --BluForest Inc. BLUF (otcqb:BLUF) ("BluForest" or the"Company"), an emerging leader in the field of Carbon Trading andRenewable Energy, announced today that the company has signed aLetter of Intent on November 25th, 2012 entering into discussions toconsider the acquisition of the Canadian company New WorldGeneration.
This prospective acquisition shows BluForest's ability and desire tobecome a leader in the fight against climate change through diversetechnology. Charlie Miller, CEO of BluForest, said, "I am veryexcited about this new transaction and the corporate governance thatwill accompany it."
About New World Generation New World Generation (NWG) is aprivately held Canadian corporation, in operation since May 18, 2001.The company's headquarters is in Owen Sound, Ontario, Canada. NWG isthe holding company for patented technologies in the power generationsector. Its patents relate to collecting, generating, storing andregenerating electrical energy. NWG is at the cutting edge ofproviding sustainable, clean renewable energy through the developmentof high efficiency wind turbine, storage and regenerationtechnologies.
Terms of the LOI Under the terms of the LOI, BluForest is grantedan option to acquire New World Generation via a share base that willbe finalized during the due diligence process. It is intended by theparties that the LOI will be superseded by a formal agreement uponcompletion of due diligence. BluForest will provide further updatesand details of the commercial arrangements by way of news releasesand regulatory filings when a formal agreement is signed.
The company is undertaking due diligence and will announce thesigning of a definitive agreement in the event that one is signed.
About BluForest Inc. BluForest Inc. is a development stage companythat is a publically traded carbon offsets marketing and renewableenergy company. BLUF is executing its strategy to become a leadingmarketer of carbon offsets in the voluntary markets under the UNprinciple of Reducing Emissions from Deforestation and forestDegradation (REDD). The BluForest website provides furtherinformation about the company which prospective investors areencouraged to visit.
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