VRB Power Systems has received approval from the British Columbia Supreme Court to proceed with the sale of its assets pursuant to the completion of an asset purchase agreement with JD Holdings, the parent company of Prudent Energy, based in Beijing, China.
Under the terms of the agreement, JD Holdings has agreed to purchase substantially all of VRB Power’s intellectual property rights, plant equipment and certain inventory items for $2 million. An additional $125,000 will be allocated to clean up costs for VRB Power’s Richmond British Columbia facility.
VRB Power said that a $600,000 non-refundable deposit has been received from JD Holdings and is currently being held in trust by Abakhan & Associates, interim receiver of the company.
A court order was obtained from the British Columbia Supreme Court which approves the sale with effect on January 28, 2009. Any shareholder of VRB Power is entitled under the order to apply to the court on one clear day’s notice to the interim receiver to set aside or vary the order prior to January 28, 2009.
Headquartered in Richmond, Canada, VRB Power Systems is an energy storage technology developer which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System.