11:55:21 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Stina Resources Ltd
Symbol SQA
Shares Issued 71,029,771
Close 2018-02-27 C$ 0.285
Market Cap C$ 20,243,485
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Stina to acquire switchgear manufacturer Jet Power

2018-02-28 09:37 ET - News Release

Mr. Brian Stecyk reports

STINA ACQUIRES JET POWER AND CONTROLS, ADDING TO ITS INTEGRATED VANADIUM FLOW BATTERY TEAM

Stina Resources Ltd. has signed a definitive agreement to acquire Jet Power and Controls Ltd. and 100 per cent of its common shares. Jet Power and Controls is one of Canada's leading manufacturers of electrical switchgear and motor control switches.

Highlights of the Jet Power and Controls acquisition:

  • Accelerates accomplishing Stina's goal of becoming a fully vertically integrated producer of vanadium redox flow batteries for the fast-growing energy storage industry;
  • Provides complementary electrical equipment for Stina's recently announced purchase of the assets of Gildemeister Energy Storage GMBH, a leading supplier of utility scale energy storage systems worldwide;
  • Brings a full team of engineering, design, integration, installation and monitoring professionals with a long history of innovation and safety in the power grid infrastructure sector;
  • Significantly increases Stina's presence in North America;
  • Brings a well-established customer list of major resource and industrial companies.

Jet Power and Controls is a leading-edge provider of custom and off-the-shelf electrical equipment and systems. It has been providing innovative and high-quality products for over 10 years to heavy power users, pipeline companies, refineries, manufacturers, municipalities and infrastructure providers. It offers a one-stop shop to its customers in terms of complete turnkey engineering and electrical solutions and equipment. Its key products include electrical switchgear, motor control switchers and solar power inverters.

Under the terms of the definitive agreement, Stina will acquire all of the issued and outstanding common shares of Jet Power and Controls in exchange for six million common shares of Stina. In addition, Stina will provide $1-million in operating funds to enable the company to fill immediate production orders. The agreement is subject to Canadian Stock Exchange approval.

Stina recently announced the purchase of the assets of Gildemeister Energy Storage GMBH, which manufactures proprietary VRBs known as CellCubes that are used for a variety of purposes including: grid storage, microgrids, off-grid storage for solar and wind power, diesel power replacement, backup power systems, and industrial plants and office building applications. With the Jet Power and Controls acquisition, Stina can provide not only its own VRBs but also all of the necessary turnkey electrical components external to the batteries including DC disconnects, inverters, AC disconnects, step-up transformers and switch gear.

Gildemeister Energy Storage GMBH has been a world leader in the development of VRBs since 2000 and has over 100 installations worldwide. The largest number of installations are in Europe, but as energy storage has become increasingly important, new installations have been done in Australia and New Zealand, South America and the Caribbean, Africa, Asia, and single installations in many other areas including Canada and the United States.

Jet Power and Controls will be able to provide not only entry into the vast North American market, but will also be able to provide installation, monitoring and service of the CellCubes, tasks previously conducted from Austria.

"The senior officers at Stina have a proven record of strong financial and capital market management. We at Jet Power and Controls believe that a stable platform will allow us to capitalize on the ever-growing opportunities we see in the power distribution market. The opportunity to work with the group at Gildemeister and get involved with, in my opinion, the best energy storage technology available in the market today, is a unique and exciting opportunity," stated Devon Sanford, co-founder of Jet Power and Controls.

"We are looking forward to working closely with the Jet Power and Controls team as they will allow Stina to offer a broader range of products and services in the energy storage industry, particularly in North America," stated Stina president, Brian Stecyk. "We value their engineering and design expertise and are eagerly anticipating a strong and productive relationship."

We seek Safe Harbor.

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