Harrison Vickers & Waterman (OTC PINK: HVCW) ("HVCW" or "the Company") announced today that the Company has received a letter of intent to sell its New Jersey Battery Energy Storage Project.
The agreement, which is currently under a non-disclosure clause, would provide HVCW with a strong, upfront cash payment in exchange for its rights and ownership interest in the New Jersey Battery Storage Project. The final deal terms are still being finalized, however, the parties have agreed to a target closing time to occur by the beginning of the third quarter.
This development offers significant credibility to the Company’s newly announced business model whereby the Company will seek to get energy development sites under contract and develop them through the first phases of the permitting and engineering. These first steps, which are often the most laborious and slow, offer an opportunity for HVCW to obtain lucrative energy projects for minimal upfront capital. Once obtained, HVCW can develop the project to a point where larger energy companies can see viability and have greater interest in pursuing the venture. Then HVCW can simply sell the project for cash along with a small overriding royalty for the life of the project.
Christopher C. Harrison, Chief Executive Officer of HVCW, commented on the recent news and developments, “We are extremely excited to have received the LOI and to be in final negotiations to sell the New Jersey Project. We are equally excited that our business strategy is so quickly showing such tremendous opportunity for continued profits and revenues. This is a system and process that we can easily duplicate and develop into a long term, sustainable cash flow producing business model.”
The Company further stated that they plan to keep the market and shareholders updated with additional press releases as well as through their website and social media outlets.
Other Business Opportunities
HVW is actively seeking strategic partnerships or acquisitions with similar energy management related businesses to expand our potential operations and expand into other markets for Energy Storage and demand energy management projects. There can be no assurances that we will be successful in such efforts to acquire other businesses, or that any such acquisitions or joint ventures would be on terms favorable to our existing shareholders.
Source: Company Press Release