Global Warming Solutions and Vega Energy Execute Letter of Intent
18 Junho 2008 - 10:35AM
Business Wire
Global Warming Solutions, Inc. (Pink Sheets:GWSO) � a developer of
technologies aimed at mitigating the effects of global warming �
today announced that the company has signed a letter of intent with
VEGA S.r.l an Italian alternative energy company for the purpose of
forming a Joint Venture in Italy that will produce solar panels
based on the LETG technology. The JV will be an Italian Company
named �Alpha Energy� and will be equally owned by Global Warming
Solutions, Inc. and Vega S.r.l. respectively. The JV agreement
calls for Vega to provide complete funding and operational support
for the JV and for Global Warming Solutions to provide the
licensing of the LETG technology. This agreement comes only one
month after Global Warming Solutions, Inc. appointed a European
Sales Manager Mr. Antonio Adamo to its board of directors.
Commenting on the transaction Mr. Adamo stated: �We are very
excited to have initiated this deal with Vega Energy. I have been a
believer in the LETG technology for a long time and feel that the
European market will benefit greatly from the energy savings of the
LETG.� Mr. Settimio Gallo, CEO of Vega Energy s.r.l, stated: �We
are excited to be participating in this JV with Global Warming
Solutions and we hope to establish a cutting edge production plant
that will produce high efficiency solar panels based on the LETG
technology.� Dr. Vladimir Vasilenko CEO and Dr. Dmitry Kosynkin CTO
both traveled to Italy last week to meet the Vega Energy team and
to discuss the details of the Joint Venture. �This transaction
shows that we are moving towards our goal of successfully
commercializing technologies that we have developed or acquired,�
said Dr. Vladimir Vasilenko, CEO of Global Warming Solutions. �We
hope to establish a long lasting relationship with Vega and Mr.
Gallo and to bring to market LETG solar Panels and Solar Energy
systems.� About Global Warming Solutions, Inc. Global Warming
Solutions develops and commercializes technologies that help
mitigate Global Warming and its effect on our planet. The Company
targets three areas that help reduce the extent of Global Warming
and fight issues that have risen in consequence: Clean Energy,
Carbon Control, and Water Purification. Current climate models
predict that global temperatures will rise sharply over the next
century. The increase in temperatures can be slowed or eliminated
by decreasing the amounts of greenhouse gases released into the
Earth�s atmosphere. Global Warming Solutions seeks to leverage its
experience and management to help make a difference in the fight
for climate control. For more information visit the company
website: http://www.globalwarmingsolutions.com The information
contained in this press release may include forward-looking
statements. Forward-looking statements usually contain the words
"estimate," "anticipate," "believe," "expect," or similar
expressions that involve risks and uncertainties. These risks and
uncertainties include the company's uncertain profitability, need
for significant capital, uncertainty concerning market acceptance
of its products, competition, limited service and manufacturing
facilities, dependence on technological developments and protection
of its intellectual property. The company's actual results could
differ materially from those discussed herein.
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