NEW YORK, NY, Feb 11 (MARKET WIRE) --
EnviroMission (PINKSHEETS: EVOMY) is pleased to announce the seamless renewal of the Australian Solar Tower development licence to EnviroMission by SolarMission Technologies, Inc.
The licence has been renewed, without expiry, to support EnviroMission's continuing development objectives in Australia.
SolarMission Technologies, Inc. granted the exclusive 'sub-license' to EnviroMission in 2001 in consideration for a major shareholding in EnviroMission. SolarMission has continued to hold EnviroMission shares andwork closely in support of EnviroMission's past and future development status.
The highly favorable licence outcome confirmed 'in principal' assurances provided to EnviroMission over the period of extensive licence negotiations. These assurances are now ratified to extend and confirm the status of EnviroMission in Australia and in the overall Solar Tower development strategy.
Licence negotiations have formed a substantial item of business between EnviroMission and SolarMission in the lead up to a formal agreement that will provide additional value to EnviroMission via the removal of any limitation associated with the former sunset clause.
"Whilst the licence renewal was always viewed as a formality assured to EnviroMission by SolarMission, the fact remained, EnviroMission had to alsoview the negotiation as a window of opportunity to further strengthen EnviroMission's development long-term role in Solar Tower commercialisation," Mr Roger Davey, EnviroMission CEO, said in support of the finalization of EnviroMission's development licence.
EnviroMission is a renewable energy developer and innovator of commerciallyviable large-scale power generation driven by solar radiation for zero greenhouse gas emissions. http://www.enviromission.com.au
Notes about forward-looking statements
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.
Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered bythe safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.
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