14.9.2005: Meldung: Solar Energy Limited: agreement with Diatom Corporation
Tuesday September 13, 2:52 pm ET
VANCOUVER, British Columbia-- Sept. 13, 2005--Solar Energy Limited ("Solar") today announced that its wholly owned subsidiary, Planktos, Inc. ("Planktos"), has executed an agreement with Diatom Corporation (formerly known as "GYK Ventures Inc.") ( "Diatom"). The agreement commits Diatom to assist Solar in the developmental funding of a marine "iron-fertilization" prove out program in exchange for exclusive marketing and intellectual property rights to Planktos" CO2 sequestration process.
Planktos expects the cost of the prove-out program to be $1,290,000 over the next six months. Solar and Diatom have arranged the funding and Diatom has advanced $250,000 under the agreement to date. The agreement provides for a royalty agreement which will entitle Planktos and Solar to recover 75% of net sales revenue until their developmental costs are recovered. Thereafter, Planktos and Solar will be entitled to 25% of net sales revenue generated by Diatom.
Solar also announced that the president of Planktos, Russ George, has been appointed as the chief executive officer and as a director of Diatom. The appointment of Mr. George to Diatom"s management will ensure continuity in post prove out technology. Mr. George retains his position as the president of Planktos.
The process of stimulating plankton growth and the overall mission of Planktos can be viewed on the company"s website at www.planktosinc.com.
Solar is a public company; its common shares trade on the OTCBB under the ticker symbol "SLRE".
Solar Energy Limited
Peter Tsaparas, 604-669-4771
J. Dan Sifford, 949-487-7295, ext. 17
Russ George, 650-638-1975
Source: Solar Energy Limited