Harmony Announces the Completion of the Acquisition of Smarten, Debt Settlements and Issuance of Stock Compensation

May 14, 2021 12:38 PM EDT | Source: ZRCN Inc

New York, New York--(Newsfile Corp. - May 14, 2021) -  Harmony Energy Technologies Corporation ("Harmony" or the "Company") is pleased to announce the completion of acquisition of Smarten Technologies Co., Ltd. Please refer to the press release dated November 14, 2019 for details.

Harmony also announces the debt settlements to one of arm length creditors of the Smarten for an aggregate amount of $154,612.00 (Chinese RMB1,000,000) by issuing an aggregate of 1,546,120 shares common share of the Company (deemed price of $0.10 per Share). The Company also settled an account payable to one insider of the Company for an aggregate amount of $18,000.00 (the "Insider Debt Settlement"), in consideration for the issuance of an aggregate of 180,000 Shares (deemed price of $0.10 per Share). The Company's Board is of the view that this Insider Debt Settlement is an appropriate means of compensation, as well as an effective means of preserving the treasury.

To compensate an independent consultant, the Company issued 30,000 common stock of the Company as one time compensation, in lieu of cash consideration at a prices of $0.10 per share.

Any securities issued above would be subject to a statutory hold period of twelve months and one day from their date of issuance.

About Harmony

Harmony Energy Technologies Corporation is an American technology startup focusing on energy storage business developments.

WARNING: Certain statements in this press release may be forward-looking, including those with respect to the timing. Forward-looking statements address future events and conditions and therefore involve inherent risks, uncertainties and assumptions. Actual results may differ materially from those currently anticipated in such statements. The Company relies upon litigation protection for forward-looking statements. The reader is warned against undue reliance on these forward-looking statements.

Regulation Services Provider does not accept responsibility for the adequacy or accuracy of this release.

For more information, please visit www.hetcusa.com or contact:

Harmony Energy Technologies Corporation
Nick Zeng, President & CEO
E-mail: info@hetcusa.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84118