Business
VRB Power Curtails Operations
RICHMOND, BC, Nov. 18 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) announces that it has been unsu...
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nRICHMOND, BC, Nov. 18 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB)\nannounces that it has been unsuccessful in its efforts to date in seeking\noffers for the merger, sale, refinancing or other strategic alternative for\nthe Company. The Company has decided that it will not be proceeding with its\npreviously announced rights offering. Consequently, the Company has\nsubstantially curtailed its manufacturing, research and development operations\nand laid-off or given notice terminating most of its employees. Given its\ncurrent financial and operational status, the Company has ceased accepting new\norders.\n\n\nIn order to meet its liabilities associated with the foregoing, the\nCompany intends to dispose of its remaining inventory and other redundant\nassets. The Company intends to continue to seek offers for the possible sale\nor license of its core technology and patents or the reactivation of the\nCompany's commercialization efforts.\n\n\nIn the event the Company is unable to make adequate arrangements to\ndischarge its outstanding liabilities, or for other reasons, it may need to\nconsider seeking other remedies under applicable corporate or insolvency\nlegislation.\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 f...