VANCOUVER, British Columbia, April 22, 2013 (GLOBE NEWSWIRE) -- Olie, Inc. (OTCQB:OLIE) ("Olie" or the "Company") announces that The Gardner Group, EnCanSol Capital Corporation ("EnCanSol") principals and Company principals have provided written verification to each other regarding their agreement upon the terms for a proposed Acquisition and Funding Agreement (the "AFA") between the Gardner Group, EnCanSol and the Company (the "Parties"). The AFA relates to the acquisition of EnCanSol by the Company. A proposed AFA was previously circulated between the Parties which resulted in a teleconference in which final revisions and terms were negotiated. The Parties have instructed their respective counsel to finalize the AFA for execution as soon as possible.
Among the final terms agreed upon by the Parties are that the AFA include an acknowledgment that the AFA would require the approval of the EnCanSol shareholders. A shareholder meeting called for such purpose shall be scheduled as soon as possible with the endorsement of the EnCanSol Board of Directors. The AFA also will acknowledge that the majority of EnCanSol shareholders have already confirmed their approval of the principal terms of the AFA to the EnCanSol Executive Chairman. The AFA also will provide that the time limitation for the proposed funding to be facilitated by the Gardner Group shall be nine months from completion of the EnCanSol acquisition by the Company.
Robert Gardner, President of Olie, comments: "This is more than timely, to date our shareholders have shown interest, with nothing but good faith in the destination of this Company. Now we have a foundation. I am optimistic that we can launch from this 'starting block', which we trust will become an interesting commercial 'race to the tape', in the funding of a world class alkaline and environmentally friendly battery project."
Upon execution of the final version of the AFA, the Company will file a follow-up Form 8-K to announce the execution of the definitive material agreement between the Parties.
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.
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.
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