VANCOUVER, British Columbia, March 27, 2013 (GLOBE NEWSWIRE) -- Olie, Inc. (OTCQB:OLIE) ("Olie" or the "Company") announces that a material definitive agreement (the "Assignment Agreement") has been executed by and between Robert Gardner & Associates (the "Gardner Group") and the Company. Pursuant to the Assignment Agreement, the Gardner Group has assigned to the Company its rights under the Letter Agreement dated December 9, 2012 between the Gardner Group and EnCanSol Capital Corporation ("EnCanSol"). The Letter Agreement relates to an acquisition of EnCanSol by the Company and potential funding for the Company.
EnCanSol develops and manufactures economical and environmentally responsible rechargeable battery products. EnCanSol is the owner of the technology for "Flat Plate RAMCELLS" for which it owns or controls approximately 25 patents worldwide.
Since 1994, small format RAMCELL batteries in AAA, AA, C and D sizes have been manufactured and sold to Original Equipment Manufacturers (OEMs) and to leading retailers world-wide, including Wal-Mart, Frys, Woolworths, Best Buy, Canadian Tire, QVC, Auschan, and Metro AG. Olie hopes to expand the small format business into new OEM and retail markets and also bring to market a large format, flat plate RAMCELL battery. With several performance, cost and environmental advantages, this battery should compete in the multi-billion dollar lead acid battery market.
The large format RAMCELLS will primarily compete with lead acid batteries. Its low self-discharge rate (less than 4%/year), coupled with its low cost, small size, light weight, higher performance, and environmental friendliness, make it ideal for backup/standby power applications. These include cell towers, cable communication systems, traffic lights, airports, healthcare facilities, critical municipal and other governmental service facilities, and building safety lighting, to name a few. These same characteristics will make it an ideal replacement for the SLI (Starting, Lighting, and Ignition) vehicle battery.
The small format RAMCELLS can be used in any application that traditionally uses disposable batteries, including flashlights, clocks, radios, remote controls, toys, video games, and audio devices. RAMCELLS are also used in battery pack form in a growing number of OEM products including LED lighting products, solar lighting, energy monitors, mice and keyboards, and solar clocks. Small format RAMCELLS are also now being used in several large hand-held flashlights replacing lead acid batteries.
Olie is presently in negotiations to acquire a small format RAMCELL manufacturing plant located in Amherst, Nova Scotia. The plant is ISO 9001 certified, and has annual capacity of over 75 million batteries. The plant consists of automated equipment for chemical processing, parts making, AA and AAA size battery manufacturing assembly lines, and final packaging, as well as quality control and test equipment. Large format RAMCELL pilot production is being set up at this facility. For commercial production of large format RAMCELLS, Olie is reviewing several options including the establishment of its own manufacturing plant, as well as joint venture production opportunities in key international markets.
Olie, Inc. Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
No stock exchange or regulatory organization in Canada accepts responsibility for the adequacy or accuracy of this release.