Business
MOU Signed
MOU Signed.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n RNS Number : 7826O Cinpart PLC 05 July 2010 \n \n\n5 July 2010\nAIM: CINP\n \nCINPART PLC\n('Cinpart' or the 'Company')\n \nAdditional US Memorandum of Understanding\n \nFurther to the announcement made by the Company on 25 June 2010 that it had entered into a Memorandum of Understanding with County Executives of America, Cinpart is pleased to announce that Active Energy Limited (\"Active Energy\"), its subsidiary company, has signed a Memorandum of Understanding (\"MoU\") with three organisations based in Ohio, USA, which relates to the establishment of an assembly facility in the USA as well as the promotion of Active Energy's voltage optimisation products.\n \nThe new MoU has been signed with the County of Summit, Ohio (\"Summit County\"); the Summit County Port Authority and Northeast Ohio Trade and Economic Consortium. As previously indicated, Cinpart intends to establish a US based assembly plant in order to service the expected demand for its voltage optimisation products in a cost effective location and having identified a suitable location, in the Foreign-Trade Zone 181 in Summit County, Ohio, these organisations are well placed to support this development. All of the parties will assist the Company in securing financial incentives and grants related to the set-up of a facility in Ohio. In addition, the three organisations will promote the sale of Active Energy's voltage optimisation products in the US market. Furthermore, Summit County also intends to introduce Active Energy to major public facilities under its control and to other state, county and local authorities and entities throughout the USA.\n \nKevin Baker, Chief Executive of Cinpart, commented:\n \n\"This agreement is a natural extension of the Memorandum of Understanding signed with County Executives of America, which we announced on 25 June 2010. We believe that by setting up a local distribution network and an assembly plant, we can, in an efficient and cost effective way, service the expected demand for our voltage optimisation products in the USA. \n \nWe look forward to working closely with Summit County, Summit County Port Authority and Northeast Ohio Trade and Economic Consortium to seek to take advantage of the exciting opportunities available to us in the USA.\" \n \n&nbs...