Cascade Technology is pleased to announce that the Company has moved forward in its proposed determination to pursue opportunities in renewable energy, more particularly in solar.
On April 30, 2009, the Company entered into a Memorandum of Understanding ("MOU") with Brisk Solar Inc., a division of FEC Finance Energy Corp ("Brisk").
Under the terms of the MOU the company will acquire the exclusive license and rights to market the Brisk products and services in the United States and to sell other performance licensing agreements in the United States.
The MOU also grants the non-exclusive rights to market globally (excluding Africa). The exclusive license will be subject to performance to be negotiated as a part of a definitive licensing and distribution agreement between the Company and Brisk.
Under the terms of the MOU, the Company and Brisk have 60 days to finalize and execute a definitive agreement. The Brisk products and services under the agreement include but are not limited to, the solar home package, solar phone booth kits, solar water pumps, solar roof top panels and the solar water heater.
The MOU calls for the Company to issue a total of Six Million (6,000,000) shares of the Company's common stock in exchange for the rights.
"With our mandate to source opportunities in the renewable energy sector, this agreement is of significant importance to the Company, allowing it to take its first steps to generating cash flow. We are extremely excited about this opportunity and will work diligently to finalize the definitive agreements as soon as possible," said Dwayne Flett, President.
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