Bitech Technologies Executes Definitive Agreement with Bridgelink for a Business Combination to Acquire Battery Energy Storage Systems and Solar Projects with estimated capacity of up to 5.8 GW
The execution of the Definitive Agreement underscores our unified commitment to advancing the Development Projects in
• Through the MIPA, the Company will own 100% ownership interest in Emergen and Bridgelink will own approximately 31.3% of the Company's outstanding common stock.
• The Company, under the continued leadership of its current team, will retain its name and ticker symbol while welcoming new executive team members from Bridgelink.
• The Company will be comprised of two divisions: (1) The BESS and Solar Division, responsible for pursuing, executing, and implementing the Development Projects; and (2) The Technology Solutions and Acquisition Division, that will focus on technology solutions sales as well as growth by acquisitions.
• The Company and Bridgelink will jointly participate in corporate development efforts with capital expansion following the closing of the Business Combination, with the common goal of funding the Development Projects and achieving an uplisting to NASDAQ as the next step in its corporate expansion strategy.
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"This business combination is a demonstration of a mutually advantageous partnership to benefit our shareholders," stated
"As an experienced operating partner with
The signing of the MIPA marks a significant turning point in the Company's overall journey, paving the way to maximize ingenuity and adaptability within the renewable energy field. This momentous occasion highlights our steadfast dedication toward transparency, corporate governance, and value creation for our shareholders. It also serves as a proof-point in our preparedness to embark on the next phase of expansion towards sustainable operations for accelerated growth.
By utilizing state-of-the-art battery energy storage systems, upon completion of our planned Development Projects, we expect to be able to effectively store surplus energy during periods of low demand at a lower cost and then release it during peak demand when prices are at their highest. We believe this business operation will allow us to generate sustained revenues throughout the standard lifespan of lithium-ion batteries we plan to use while also contributing to grid stability in
The closing of the Business Combination is expected to be completed no later than
Comprehensive details of the transactions, as well as audited financial statements of Emergen, will be disclosed in the upcoming Form 8-Ks and other filings with the
1 See: US large-scale BESS installations in 2023 already exceed whole of 2022
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This release contains "forward-looking statements". Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to our ability to obtain a commitment for financing, our ability to secure funding for the Development Projects and complete their construction and obtain all required regulatory approvals, future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the
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Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech
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