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VRB Power Applies to Appoint Interim Receiver and Makes Filing under Insolvency Legislation
RICHMOND, BC, Nov. 20 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) announces that it has applied t...
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nRICHMOND, BC, Nov. 20 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB)\nannounces that it has applied to the British Columbia Supreme Court for an\norder appointing Abakhan & Associates Inc. as Interim Receiver over the assets\nand property of the Company. The Company has also filed a Notice of Intention\nto make a proposal for its reorganization under the Bankruptcy and Insolvency\nAct (Canada). In light of the foregoing, the directors of the Company have\nindicated their intention to resign. Appointment of the Interim Receiver is\nexpected to occur on November 21, 2008.\n\n\nAbout VRB Power\n\n\nHeadquartered in Richmond, Canada, VRB Power Systems Inc. is an energy\nstorage technology developer which is marketing, selling and manufacturing\nproducts utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The\nVRB-ESS can economically store and supply large amounts of electricity on\ndemand and is focused on stationary applications. It is a long life, cost\neffective, low maintenance, efficient technology that allows for the\nscalability of power and storage capacity independently. The VRB-ESS is\nparticularly beneficial to renewable energy providers, utilities and end users\nthrough its ability to "inventory" electricity, allowing for the optimal match\nof supply and demand.\n\n\nThe VRB-ESS is well suited for a variety of applications. Enabling the\nprovision of "firm" capacity from intermittent renewable generation such as\nwind and solar; more cost effective and efficient generation of electricity in\nremote areas; capital deferral for utilities; and load levelling (peak\nshaving) applications. The VRB-ESS is also capable of providing backup power\nsolutions including applications for utility sub-stations and\ntelecommunication sites. The VRB-ESS is characterized by having the lowest\necological impact of all energy storage technologies and is unlike most other\nconventional energy storage systems that rely on substances such as lead or\ncadmium.\n\n\nCaution regarding forward-looking statements: VRB Power's press releases\nmay contain forward-looking statements. These statements are based on\nmanagement's current expectations and beliefs which are subject to a number of\nknown and unknown risks and uncertainties (including, but not limited to, the\nrisk factors described in VR...