Business
Settlement agreement with Player Design Inc.
Settlement agreement with Player Design Inc..
About this update from Active Energy Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\").\n \n5 March 2024\nActive Energy Group Plc\n(\"Active Energy\" or the \"Company\")\nSettlement agreement with Player Design Inc.\nActive Energy (AIM: AEG, OTCQB: ATGVF), the international biomass based renewable energy business, announces that, further to its announcement on the 22 February 2024, the Company and its subsidiary Advanced Biomass Solutions Limited have, on 4 March 2024, entered into a settlement agreement (the \"Settlement Agreement\") with Player Holdings LLC together with its subsidiaries MaineFlame Inc, Player Design Inc and Tyler Player (together, the \" PDI Parties\" or \"PDI\") in regard to former activities for the potential production of CoalSwitchÒ at PDI's facility as Ashland, Maine ( the \"Ashland Facility\") .\nThe PDI Parties have agreed to pay Active Energy a cash payment of $1,650,000 by no later than 5th March 2024, in consideration for, inter alia:\n· The return of cash proceeds formerly committed by Active Energy toward the development of the Ashland Facility.\n· Active Energy transferring the ownership of certain production equipment, not essential to future CoalSwitch® production, currently located at the Ashland Facility and elsewhere in Maine to the PDI Parties (the \"Transferred Assets\"). The book value of the Transferred Assets as at 30 June 2023 was $2.5 million.\n· PDI will retain the ownership of its intellectual property created and developed in respect of specific know-how for its production methods at the Ashland Facility, and PDI will retain rights to own, develop, license, and use this specific know-how. These rights do not infringe upon Active Energy's current IP and PDI is not permitted to use any of Active Energy's existing CoalSwitch® trademarks nor use any of Active Energy's existing proprietary intellectual property in the US, Canada or worldwide.\nActive Energy retains complete ownership of all its original patents on the steam explosion process, including all production knowledge acquired from the former production activities at the Ashland Facility applicable for its future prod...