RICHMOND, BC, Sept. 9 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB), a world leader in innovative energy storage solutions, announced today that the special committee of the board of directors has retained Cormark Securities Inc. ("Cormark") as its financial advisor.
Cormark will explore a full range of strategic alternatives, including soliciting offers for the sale, merger or other business combination of the Corporation, alliances with strategic partners, private and public debt or equity financing alternatives, the sale or licensing of the Corporation's technology or a substantial reorganization of the Corporation's business, among other things as disclosed in the press release announced on August 27, 2008.
About VRB Power
Headquartered in Richmond, Canada, VRB Power Systems Inc. is an energy storage technology developer which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The VRB-ESS can economically store and supply large amounts of electricity on demand and is focused on stationary applications. It is a long life, cost effective, low maintenance, efficient technology that allows for the scalability of power and storage capacity independently. The VRB-ESS is particularly beneficial to renewable energy providers, utilities and end users through its ability to "inventory" electricity, allowing for the optimal match of supply and demand.
The VRB-ESS is well suited for a variety of applications. Enabling the provision of "firm" capacity from intermittent renewable generation such as wind and solar; more cost effective and efficient generation of electricity in remote areas; capital deferral for utilities; and load levelling (peak shaving) applications. The VRB-ESS is also capable of providing backup power solutions including applications for utility sub-stations and telecommunication sites. The VRB-ESS is characterized by having the lowest ecological impact of all energy storage technologies and is unlike most other conventional energy storage systems that rely on substances such as lead or cadmium.
Caution regarding forward-looking statements: VRB Power's press releases may contain forward-looking statements. These statements are based on management's current expectations and beliefs which are subject to a number of known and unknown risks and uncertainties (including, but not limited to, the risk factors described in VRB Power's Annual Information Form filed with the British Columbia Securities Commission and available at www.sedar.com) that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. The Company does not assume any obligation to update any forward-looking statements contained in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Vince Sorace, President