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Alexandria Advantage Warranty Company Provides Additional Detail Regarding Its Option Agreement to Acquire Engine Related Intellectual Property
Alexandria Advantage Warranty Company Provides Additional Detail Regarding Its Option Agreement to Acquire Engine Related Intellectual Property.
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[{"type":"text","content":"\n \n \n Alexandria Advantage Warranty Company Provides Additional Detail Regarding Its Option Agreement to Acquire Engine Related Intellectual Property\n \n \nAlexandria Advantage Warranty Company Provides Additional Detail Regarding Its Option Agreement to Acquire Engine Related Intellectual Property\n \n LOS ANGELES, CA--(Marketwired - Mar 25, 2015) - Alexandria Advantage Warranty Company (OTC PINK: AAWC) is announcing today that, in furtherance to a previous press release dated March 19, 2015, the Company has received permission to disclose some more specific information regarding the option agreement it executed with the Nevada corporation.\n The option agreement summarizes that both parties to the original letter of intent, which had expired, has been completed, and both entities desire to complete the acquisition. The option agreement requires cash payments from the Company within a defined period, so that the finalization of the product by the Nevada corporation can begin its next phase of development. As of the date of this press release, the Company has made a good faith initial payment to the Nevada corporation as required under the option agreement.\n Further, the Company is disclosing the following: \n \n \n The intellectual property surrounding the engine technology has been researched and appears to be in good order.\n \nThe Nevada corporation previously built a functional prototype of its engine and its internal testing on that prototype engine proved in excess of 80 miles per gallon, with no loss of horsepower or torque and extremely low emissions output.\n \nThe prototype engine weighed in at fewer than 80 pounds and had fewer than 30 total parts (excluding fasteners).\n \nThe option agreement allows for the parties to work together in a number of ways -- the main goal of which is for Alexandria Advantage to provide capital to build the next generation prototype with the Nevada company, as well as commercial grade testing for that to be built prototype.\n \n \n \"The Company felt it necessary to disclose more information about what it is negotiating for,\" said Jay Pignatello, CEO of Alexandria Advantage Warranty Company. \"I received dozens of phone calls and emails asking for more information about the engine technology. I have seen this company's prototype engine run. I have known about technology for quite ...