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American Resources Corporation Sells Exclusive Rights to Carbon Nanostructure and Graphene Patents
American Resources Corporation has agreed to sell their exclusive patent rights in Carbon Nanostructure and Graphene technology to Novusterra Inc. in exchange
About this update from American Resources Corporation
[{"type":"text","content":"American Resources Corporation has agreed to sell their exclusive patent rights in Carbon Nanostructure and Graphene technology to Novusterra Inc. in exchange for $16 Million worth of Novusterra stockMembers of American Resources Corporation will take over the management of Novusterra Inc. as well as join its Board of DirectorsAmerican Resources intends to dividend a majority of the shares that it receives through this transaction to its underlying investors at or before Novusterra's public offering, which is still subject to exchange and SEC approvalsFISHERS, IN / ACCESSWIRE / August 31, 2022 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that it has sold its exclusive patent rights in carbon nanostructure and graphene technology to Novusterra Inc. (\"Novusterra\") for $16 million paid in all Class A common Novusterra shares.Mark Jensen, Chief Executive Officer of American Resources Corporation commented, \"We believe this transaction with Novusterra will enable us to unlock the value of these technologies for American Resources' shareholders as well as establish a platform and team for growing the business opportunity and maximizing the value of the technologies themselves. Graphene is one of the most exciting technologies in the market today given its wide array of applications in high-value products such as batteries and sustainable infrastructure materials. Utilizing carbon as a feedstock to provide a low-cost input for commercial applications ensures that higher volume markets for carbon nanostructures can be capitalized on cost effectively. With Novusterra applying for their public listing, it will provide a platform for growth, ability to expand the team and position the company for future success.\"Pursuant to terms of the transaction:Dr. Gregory Jensen, PhD will be named Chief Executive Officer and Director of Novusterra and Dr. Gerardine (Gerri) Botte as the Chief Technical Officer;Mark LaVerghetta will be named Chairman of the Board, other board members will include: Dr. Byron Price, Eugene Nichols and Goran Antic;Novusterra will fund the sponsored research program at Texas T...