DALLAS, Texas, May 21, 2021 (GLOBE NEWSWIRE) -- HXPN, Inc. (OTCQB: HXPN), an emerging technologies and mineral resources development company, today announced that it has executed a letter of intent to acquire 100% of the interest of H2O EMC2 (H2O), a development stage company, in an all stock agreement between the parties. H2O, having also executed the letter of intent, manufactures an Atmospheric Water Generator (AWG) that utilizes hydrogen-based clean power electricity (patent pending). An atmospheric water generator is a device that extracts water from ambient air. Unlike a dehumidifier, an AWG is designed to render the water potable. The H2O AWG will provide an efficient, reliable and affordable potable water solution to the world.
The parties are currently conducting due diligence and the transaction, including the execution of a definitive purchase agreement, is expected to close in late second quarter or early third quarter, 2021. H2O has an exclusive license to integrate and market its AWG, while the license for the hydrogen-based clean power electricity is non-exclusive. The H2O founder group will receive fifty-five million (55,000,000) 1:1 convertible warrants in HXPN, Inc common stock on the transaction close date, with expiration of the warrants occurring five years from the grant date.
“H2O has sourced an AWG that will go a long way toward solving one of the world’s biggest challenges – clean drinking water for every person on the planet. While there are other AWG’s on the market, we believe the H2O unit to be the most power efficient model available. Combined with the hydrogen-based clean power source, H2O will integrate the two technologies to create an AWG that will work anywhere in the world at an affordable cost,” said Brian Rybloom, CEO of H2O, “and the partnership with HXPN will bring reality to the vision of H2O.”
In addition to H2O’s marketing of its AWG unit, the hydrogen-based electric power generation technology will be marketed separately to provide stand-alone electric power in areas that are not connected to an existing electrical power grid or where no grid currently exists. Additionally, this power generation technology seeks to deliver the “lowest cost per kW electricity” in the world. H2O’s power units will range from daily power generation of 60 kW up to 100 MW per unit. “Electric power is not essential for human life, but it is one of the most desirable commodities around the world,” continued Rybloom. “Self-contained electric power generation technology that does not have to continually be supplied with fuel to generate electricity is a game changer.”
“H2O is comprised of top-tier partners and we are excited to join with them to bring these much-needed technologies to the world.” said Steve Bailey, HXPN CEO. “We are excited that the H2O deal is HXPN’s first acquisition and that it will help solve many essential humanitarian needs around the world.” H2O expects to begin shipment of its first AWG models in Q3 of this year.
About HXPN, Inc.
Based in Dallas, Texas, HXPN is engaged in the acquisition and development of emerging technologies that will impact everyday life. Additionally, the company seeks to acquire mineral resources necessary for the sustainability of daily life in our ever-changing world.
Notice Regarding Forward-Looking Statements:
This news release may contain "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions for the future. Such forward-looking statements include, among other things, the ongoing effect(s) of domestic and world economic conditions and any related impact(s) on the potential business development and future interest in our technology and resources investments.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, and other domestic and world events. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
HXPN, Inc is currently a non-reporting OTC-quoted “Pink No Information” company, and is actively pursuing compliance with recently-amended SEC Rule 15c2-11, which requires that “companies make current information publicly available to maintain a market.” The company expects to achieve full compliance by June 30, 2021. Investors should consult all information set forth herein and on the Company’s website for the latest available information.
CONTACT:
HXPN, Inc.
Stephen L. Bailey, President
2911 Turtle Creek Boulevard, Suite 300
Dallas, TX 75219
(833) 250-6645
Investors & Analysts Contact:
HXPN Investor Relations
(833) 250-6645
ir@hxpninc.com
For more information, visit HXPN's website: www.hxpninc.com