CALGARY, AB / ACCESSWIRE / June 26, 2023 / Avila Energy Corporation (“Avila” or the “Company” or “Avila Energy“), trading symbol (CSE:VIK.CN)(OTC PINK:PTRVF)(FRA:6HG0), is pleased to announce the successful negotiation and settlement of all outstanding issues with Micro Turbine Technology (“MTT”) and correctly confirms that all patents held by MTT are current and in good standing (the “Settlement”). The previous Notice of Default by Avila was based on a wrong assumption and should have not been issued.
In accordance with the Settlement, Avila Energy Corporation and MTT confirm that all contractual disputes between them have been resolved; Avila Energy Corporation agreeing to compensate MTT over time in a final settlement.
Upon compensation:
- Avila Energy Corporation and MTT confirm that the License to Manufacture and sell the EnerTwin in Canada and the United States will be effective, which has been issued to Avila Energy Corporation as of the date hereof.
- Avila Energy Corporation shall be a 15% non-voting shareholder of MTT (the “Shares”) with the provision that in the event that Avila Energy Corporation does not sell a minimum of 5,000 EnerTwins on or before July 31, 2026, MTT has the right to repurchase the Shares for one (1) Euro.
- The parties have agreed to additional provisions to avoid any disputes in the future.
About Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK’), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. The Company’s long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. The Company’s goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.
About Micro Turbine Technology (MTT)
MTT is a high-tech scale-up company located in Eindhoven, the Netherlands, that developed a patented micro turbine technology to be used in several applications. The first application has been the development of the EnerTwin micro-Combined Heat Power system, a small high end 3,2kWe power plant for domestic and SME applications. Because of its very high efficiency the EnerTwin can be classified as clean tech product. It operates on Natural gas, (Bio)LPG, Green gas, Biomethane or a gas mixture containing at present up to 23% of Hydrogen, to be increased to 100% Hydrogen expected to be commercial by 2027, offering a future proof solution for the energy transition. MTT has invested the new capital from Avila in the ramp up of operations at of its owned and operated production facilities in Eindhoven to facilitate the increased sales and distribution of the EnerTwin in the European market.
For further information, please contact:
Ronnie Shporer, Investor Relations, North America or
Peter Nesveda, Investor Relations, International or
Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: ron.s@avilaenergy.com
Peter Nesveda: peter@intuitiveaustralia.com.au
Leonard B. Van Betuw: leonard.v@avilaenergy.com
ON BEHALF OF THE BOARD
Leonard B. Van Betuw
President & CEO
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