12:00:54 EST Thu 07 Dec 2023
Enter Symbol
or Name

Tevano Systems Holdings Inc (2)
Symbol TEVO
Shares Issued 53,836,580
Close 2023-09-28 C$ 0.035
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Tevano signs LOI to acquire Zaap Charge

2023-09-28 09:39 ET - News Release

Mr. Eugene Hodgson reports


Tevano Systems Holdings Inc. and Zaap Charge Inc. have signed a letter of intent (LOI) on Sept. 22, 2023, to explore a strategic partnership that aims to revolutionize the electric vehicle (EV) charging industry.

Zaap Charge is renowned for its fast-charging solutions that enhance efficiency and reliability in collaboration with installation partners. Its 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 Tevano's collective goal to accelerate EV adoption and promote sustainable energy practices.

Under the LOI, Tevano Systems will acquire 100 per cent of Zaap Charge for 37.5 million common shares of Tevano Systems at a deemed value of 0.05 cent per share in an arm's-length transaction. Additionally, a finder's fee of 3.75 million shares will be provided to the finders involved in the transaction, also arm's length and at a deemed value of 0.05 cent per share. Tevano Systems will also grant Zaap Charge one appointment to the board of directors and $100,000 as working capital to cover audit expenses and facilitate the introduction of the M2 machine to Canada, enabling prompt revenue generation.

A restricted stock unit (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, chief financial officer of Tevano Systems, 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, chief executive officer of Zaap Charge, 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.

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