Reno, NV, Feb. 14, 2006 — EPOD International Inc. (EPOD), announced it has entered into an agreement, subject to certain conditions, to acquire a solar panel manufacturing facility with an existing 8 megawatts of chamber capacity.
Management announced EPOD has executed a letter of intent to acquire 100% of an amorphous silicon or “thin-film” solar panel plant with 8 megawatts of existing chamber capacity.
The deal is subject to completion of due-diligence, financing, and approval by EPOD’s board of directors. The transaction requires the payment of up to 3 million EPOD shares and cash at closing, and certain cash installments over a period of time. EPOD expects the amount of product supply would add $47 million of sales to the company.
EPOD intends to use the expected sales as an opportunity to convert EPOD Renewable Utilities into an Income Trust. Income Trusts are set up so that profits can be distributed out to shareholders without the Trust being taxed first. EPOD Renewable Utilities has been set up to own and operate electricity production and sale from renewable energy sources, specifically solar and wind energy.