Three Sixty Solar Receives Positive Review of Technology Patentability

Rhea-AI Summary

Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) announced a positive review from the African Regional Intellectual Property Organization (ARIPO) regarding their patent application, indicating the key claims are novel, inventive, and industrially applicable. CEO Brian Roth expressed optimism that securing patents would provide competitive protection in targeted markets. The company is in the process of narrowing its claims for a secondary review, expecting to submit revisions soon. This development could enhance Three Sixty Solar's market advantage as the global solar industry continues to expand, projected to reach $296 billion by 2028.

Positive

• Patent application claims deemed patentable by ARIPO.
• Securing patents may enhance competitive advantage in targeted markets.

Negative

• Patent application requires narrowing of claims before secondary review.
• Pending final approval from various patent offices may cause delays.

VANCOUVER, British Columbia, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is excited to announce that the African Regional Intellectual Property Organization (ARIPO) has completed their preliminary review of the Company’s patent application and declared the key claims pass the tests for patentability: being novel, inventive, and having industrial applicability.

Brian Roth, CEO of Three Sixty Solar states, “I’m very encouraged by this positive response from ARIPO. Based on their feedback, we have every indication that the key differentiators in our technology are patentable and we believe that our patent applications, if approved, can successfully provide competitive protection in the markets where we operate. This is a big strategic step for us towards maintaining an advantage in the marketplace for years to come.”

Following a period of technical development and engineering, Three Sixty Solar applied for PCT patent protection with the World Intellectual Property Organization. In April of 2021 the Company’s PCT filing was internationally published, giving Three Sixty until April 2022 to choose which countries and jurisdictions to file patent applications with local offices. In March and April of 2022, Three Sixty submitted patent applications in each of the markets where the Company expects to operate commercially in the years ahead, including the United States, Canada, the European Union, and others.

Three Sixty Solar has received notification from ARIPO that the organization has completed their initial review of the Company’s patent application. According to their review, the four primary claims that differentiate Three Sixty Solar’s technology all pass the three tests for patentability; the claims are novel, inventive, and have industrial applicability. These three patentability tests are the same ones considered by all the jurisdictions where Three Sixty has filed for patent protection and each jurisdiction is required to perform similar global searches for prior art. The Company is encouraged that the US PTO and other patent offices will reach the same positive conclusion as ARIPO regarding patentability of the primary claims.

The Company’s original application was written with several broader claims that must now be narrowed to focus on the four novel and inventive claims for the patent application to go through secondary review and approval. Three Sixty expects to submit these revised claims, focused on the patentable claims in the coming weeks, well ahead of a June deadline set for response by ARIPO.

On Behalf of the Board of Directors,

--Brian Roth—

Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com

About Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF)

Three Sixty Solar Ltd. is an innovative alternative energy design, manufacture, and sales organization which focuses on solar equipment supply to the global marketplace. The Company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).

Forward Looking Information Disclaimer

This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the ability of the Company to acquire patents for their technology, the decisions to be reached by ARIPO, the US PTO and other patent offices regarding the patentability of the Company’s products, and how any patents may assist the Company to maintain competitive protection in the markets in which it operates.

Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s filing statement dated August 3, 2022 filed under the Company’s profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.

CONTACT INFORMATION

Three Sixty Solar Ltd.
Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743

Sales & Inquiries
Email: info@threesixtysolar.com
Telephone: +1 (877) 684-1972

FAQ

What did the ARIPO report about Three Sixty Solar's patent application?

The ARIPO completed a preliminary review, finding the key claims of Three Sixty Solar's patent application to be novel, inventive, and industrially applicable.

What are the next steps for Three Sixty Solar regarding their patent application?

Three Sixty Solar plans to submit revised claims focused on the patentable aspects of their technology in the coming weeks.

How does the patent approval impact Three Sixty Solar's business?

If approved, the patents could provide competitive protection in key markets, potentially enhancing the company's market position.

What is the significance of the solar industry growth for Three Sixty Solar?

The solar farm sector is expected to grow to around $296 billion by 2028, presenting significant market opportunities for Three Sixty Solar.