Advantagewon Oil Announces Definitive Agreement to Acquire Energy Technology
Toronto, Ontario--(Newsfile Corp. - February 8, 2021) - Advantagewon Oil Corp. (CSE: AOC) (OTC Pink: ANTGF) (the "Corporation", "Advantagewon", "AOC") announced today that it has entered into a share exchange agreement dated February 5, 2021 (the "Share Exchange Agreement") in respect of its investment in Starvolt Inc. ("Starvolt"). Starvolt is an electric vehicle designer and supplier whose proprietary technology is based on flexible solar panels. The investment in Starvolt furthers the Corporation's mission of being a leading provider of low-cost energy solutions.
Advantagewon will acquire approximately 30% of the outstanding common shares in the capital of Starvolt (the "Starvolt Shares"), in consideration for the payment of 8,390,000 common shares in the capital of Advantagewon (the "Payment Shares") at a deemed price of $0.135 CDN per share to the holders of the Starvolt Shares being acquired by Advantagewon (the "Transaction"). The Payment Shares will not be subject to any hold period under applicable securities laws.
Starvolt is a leading-edge EV designer / supplier of urban electric run / solar powered vehicles, their design and manufacturing are focused on single/dual passenger motor cycles, multi passenger 4 wheel cars and multi person mini buses, all powered by proprietary Flexible Solar panels with the highest power potential of any flexible solar array/software/hardware. All vehicles are designed for urban commuting and transportation options with the focus on harnessing the sound rays through the company's technologies to deliver the greatest distance of travel without requiring any plug-in charge.
Paul Haber, Executive Chairman, stated "We are pleased to be able to acquire this technology. We believe it's a great step for us to become a more integrated energy supplier which will benefit our stakeholders by offering a more diverse product line."
About Advantagewon Oil Corp.
Advantagewon is focused on becoming a diverse energy producer. We currently have silos in oil, gas and solar. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange (the "CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.
For further information please contact:
Mr. Paul Haber
Advantagewon Oil Corp.
T: (416) 318-6501
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037
Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Corporation. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to: the terms and conditions of the Share Exchange Agreement; the expectations related to the Transaction, including the timing of the Transaction, resulting share ownership in Starvolt, and the conditions to completing the Transaction; Starvolt's business, products and future plans; and all requisite approvals will be obtained, including acceptance by the CSE. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
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