Vancouver, B.C. October 1, 2020 – Extreme Vehicle Battery Technologies Corp. (the “Company”) (CSE:GECC), (OTC:CRYBF), (Frankfurt Stock Exchange:GR9) announces that, effective October 6, 2020, the Company’s common shares will be subdivided (the “Subdivision”) at a ratio of six (6) Shares for each one (1) existing Share. The post-subdivision shares will be assigned a new CUSIP number of 30227V105.
The Canadian Securities Exchange (the “CSE” or “Exchange”) will publish a bulletin confirming the name change, subdivision and reservation of the symbol ACDC for the Company, however trading in the Company’s shares remains halted pending completion of its previously announced acquisition of several battery metals mining claims from Marifil Mines Ltd. (the “Properties Acquisition”), which transaction represents a fundamental change (the “Fundamental Change”) within Policy 8 of the CSE.
Shareholders do not need to take any action with respect to the Subdivision. The Company’s transfer agent will send holders of common shares on September 22, 2020 a DRS advice letter in lieu of a share certificate, which will represent six (6) new common shares for every one (1) common share held on such date.
The Company is also pleased to announce that it has signed a definitive agreement (the “Agreement”) with Intelligent Battery Technologies Ltd. and Jiangsu RichPower New Energy Co. Ltd. (“RichPower”) to acquire (the “Battery Technology Acquisition”) the exclusive North and South American rights to a broad set of applied technologies and solutions for battery management systems, energy storage technology applications and battery safety applications developed by RichPower (the “Technologies”). Pursuant to the Agreement, the Company will also be granted non-exclusive rights to sell the Technologies in Europe and Africa. Completion of the Battery Technology Acquisition is subject to further detailed due diligence as well as the signing of a marketing and development plan, which the Company hopes to complete in the coming weeks. Further details respecting the Agreement will be provided in a separate updating news release. Full disclosure of the Company following the Fundamental Change reflecting the Properties Acquisition and the Battery Technology Acquisition will be provided in a CSE Form 2A Listing Statement prior to the resumption of trading.
The Exchange has not reviewed or approved the Agreement and the trading halt and Exchange review of the Battery Technology Acquisition and the Properties Acquisition will continue. There is no certainty that the Fundamental Change will be completed or that the Company’s shares will resume trading on the CSE.
The Company also announces that it has appointed Victor Hiu-Fai Ho to the board of directors of the Company. Mr. Ho comes to the company with a strong corporate finance background and experience in the Asian markets. Mr. Ho’s skill set and experience will serve the Company and its new partnership with RichPower well.
On behalf of Extreme Vehicle Battery Technologies Corp.,
Chief Executive Officer.
Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, statements relating to the Subdivision, Symbol Change, the Battery Technology Acquisition, the Property Acquisition, Mr. Ho’s future contributions to the Company and the resumption of trading of the Company’s common shares on the CSE. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.