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Axion Power Enters into Letter of Intent on Licensing of PbC® Technology in Greater China and North America
Axion Power Enters into Letter of Intent on Licensing of PbC® Technology in Greater China and North America.
About this update from Axion Power International Inc
[{"type":"text","content":"\n\n\n\nAxion Power Enters into Letter of Intent on Licensing of PbC® Technology in Greater China and North America\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\nAxion Power Enters into Letter of Intent on Licensing of PbC® Technology in Greater China and North America\nAxion to Receive Down Payment of $250,000 and a Technology Fee of $5 Million over First 24 Months Plus Future Royalties\nPR Newswire\nNEW CASTLE, Pa., Nov. 1, 2016\n\n\n\nNEW CASTLE, Pa., Nov. 1, 2016 /PRNewswire/ -- Axion Power International, Inc. (OTCQB: AXPW) has entered into a Tri-Party Letter of Intent with Fengfan Co. Ltd. of Baoding, China (SH. 600482) and LCB International Inc. of BVI, regarding the sale of Axion's PbC® technology in China, Taiwan, Hong Kong and Macau to Fengfan and LCB, along with non-exclusive licensing rights in North America.  \n\n\nA culminating event after many months of negotiation, the Letter of Intent, jointly signed by all parties on October 31, 2016, calls for a $5 million cash infusion into Axion over a 24-month period. As a result of the signing of this Letter of Intent, Fengfan will make an initial cash down payment of $250,000 to Axion by December 1, 2016 upon receiving regulatory approvals.\n\nIt is expected that this non-dilutive cash infusion, along with Axion's successful cost cutting measures, will lay a strong foundation for the company's ability to complete other major licensing agreements currently in development internationally. \n\nConcurrent with the signing of this Letter of Intent and the receipt of th...