Tevano Systems Holdings Inc. and ZAAP Charge Inc. Announce Letter of Intent for Strategic Partnership
- Tevano Systems will acquire 100% of ZAAP Charge for 37.5 million common shares of Tevano Systems at a deemed value of .05 cents per share
- Tevano Systems will grant ZAAP Charge $100,000 as working capital to cover audit expenses and facilitate the introduction of the M2 machine to Canada
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 28, 2023) - Tevano Systems Holdings Inc. (CSE: TEVO) (FSE: 7RBA) (OTC Pink: TEVNF) ("Tevano" or the "Company") a technology company specializing in sustainable energy solutions and ZAAP Charge Inc. ("ZAAP Charge"), are excited to announce the signing of a Letter of Intent (LOI) on September 22nd, 2023, to explore a strategic partnership that aims to revolutionize the electric vehicle (EV) charging industry.
ZAAP Charge Inc.is renowned for its fast-charging solutions that enhance efficiency and reliability in collaboration with installation partners. Their commitment to cost-effectiveness and technological innovation has positioned them as one of the leaders in their field.
Tevano Systems, driven by a vision of a sustainable future, recognizes the potential of ZAAP Charge's innovative solutions. This partnership aligns with our collective goal to accelerate EV adoption and promote sustainable energy practices.
Under the LOI, Tevano Systems will acquire
A Restricted Stock Units (RSU) pool will be established for ZAAP Charge management, offering the potential to earn up to 6.5 million shares based on predetermined revenue benchmarks.
Of the 37.5 million Tevano common shares, 30 million will be subject to an escrow release schedule in accordance with the Canadian Securities Exchange ("CSE") requirements.
Both parties will conduct comprehensive due diligence to ensure strategic alignment. Upon successful completion, a definitive agreement will be finalized, encompassing all aspects of the partnership.
Strict confidentiality of proprietary information is to be maintained throughout negotiations. Exclusivity in discussions is also agreed upon until the execution of a definitive agreement.
The LOI represents an initial intent to explore a partnership and is not legally binding. Terms are subject to further negotiation and agreement.
Eugene Hodgson, CFO of Tevano Systems Holdings Inc., expressed his enthusiasm for the potential collaboration, stating, "We firmly believe that our joint efforts will contribute significantly to a greener and more sustainable future in the EV industry."
Jerry Lai, CEO of ZAAP Charge Inc., welcomed the partnership, saying, "We are excited about the opportunity to collaborate with Tevano Systems and drive transformative change in the EV charging industry."
This LOI marks a significant step toward a greener future, where Tevano Systems and ZAAP Charge are poised to lead the way in sustainable energy solutions.
For more information, please visit: www.tevanosystems.com.
On behalf of the Board of:
TEVANO SYSTEMS HOLDING INC.
Eugene Hodgson, Chief Financial Officer
Eugeneh@tevanosystems.com
604-805-6600
Jerry Lai, CEO ZAAP Charge Inc. #2803 - 1009 Expo Boulevard Vancouver, BC, V6Z 2V9, Canada
Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182094
