TORONTO, June 11, 2018 /PRNewswire/ --
CellCube Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE)(CSE: CUBE.CN)(OTCQB: STNUF) (Frankfurt: 01X) is pleased to report it has closed on its acquisition of Hillcroft Consulting Ltd. ("Hillcroft").
Hillcroft designs temporary and mobile power products that are used on industrial and construction sites for shut-downs, turnarounds and large-scale construction demolition. Companies need a variety of power products that are safe, durable, versatile, easy to use and ready for hazardous (classified) locations or non-hazardous environments. Hillcroft has recognized customers' needs for temporary power products and has developed expertise in designing and manufacturing such products that accomplish the job in a safe and secure manner.
The Hillcroft acquisition complements CellCube's current group of companies including Enerox GmbH ("Enerox") and EnerCube Switchgear Systems Inc. ("EnerCube") (formerly Jet Power and Controls Ltd.). Hillcroft is currently working with EnerCube and Enerox to construct a self-contained emergency power plant that requires no generator or fuel to power up to 100 homes in case of disasters or emergency requirements. These units can be transported quickly where and when required for sale or lease.
With its recent acquisitions, CellCube can now serve as a single source of supply for all the equipment required for most energy storage and electrical power solutions around the world.
"The synergy among the growing CellCube group of companies and relationships will in the short and long-term ensure the ability to provide comprehensive energy storage and support solutions throughout the world. New mandated energy storage capacity in North America will significantly help with market penetration in this rapidly developing market," said Brian Stecyk, President & CEO of CellCube. "We receive queries about our energy storage products on almost a daily basis. It is obvious the world is awakening to the energy storage technology that Enerox has pioneered," added Mr. Stecyk.
The acquisition of Hillcroft, under which EnerCube (acquired by CellCube press release June 7, 18) is acquiring all of the issued and outstanding common shares of Hillcroft (822,921 common shares in total) at an average price of $0.365 per common share.
Hillcroft will change its name to PowerHaz Energy Mobile Solutions Inc. ("PowerHaz") to better reflect its business.
"EnerCube and PowerHaz will continue to service their existing and new clients across Western Canada and elsewhere with the highest customer service levels out of their head office which remains in Edmonton, Alberta," stated Brian Ricker, President & CEO of EnerCube.
About CellCube Energy Storage Systems Inc.
CellCube's acquisition of the assets of Gildemeister Energy Storage GmbH has transformed CellCube and its wholly-owned subsidiary, Enerox GmbH, into a leading integrated resource and energy storage company. Enerox is one of the world's first and largest researchers, developers, manufacturers and distributors of vanadium flow batteries ("VRFBs"). As an industry leader in the energy storage sector, Enerox has installed its CellCube VRFBs at over 100 sites around the world. CellCube VRFBs are used for a variety of purposes including grid storage; microgrids; off-grid storage for solar and wind power; diesel power replacement; back-up power systems; farming applications; electrical vehicle charging stations; industrial plants and office building applications; and emergency power sources.
With the Company's recent additional acquisition of Jet Power & Control Systems Ltd. (now renamed EnerCube Switchgear Systems Inc.) and its investment in Braggawatt Energy Inc., CellCube is gearing up to deliver fully vertically integrated energy storage solutions to utilities and independent power producers for both stand-alone energy storage projects as well as projects where energy storage enhances the value proposition from renewable energy generation.
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE CellCube Energy Storage Systems Inc.