Companies To Share Hydrogen Separator Technology
VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 27, 2000--Reg Technologies, Inc. (OTCBB:REGRF)(CDNX:RRE.) and its U.S. subsidiary REGI U.S., Inc. (OTCBB:RGUS) are pleased to announce that an agreement has been completed with GHM, Inc., a private company located in Maryland, to jointly purchase the rights to the H2O Hydrogen Separator Technology consisting of a hydrogen separator based on a unique system for extracting hydrogen from water.
REGI U.S., Inc. will own the U.S. rights and Reg Technologies, Inc. will own the worldwide rights excluding the U.S. to the Hydrogen Separator Technology.
In consideration for a 50% interest for the rights to the Hydrogen Separator Technology Reg Technologies, Inc. (the "Company" or "Reg") agrees to the following:
--The Company shall apply for a patent in the U.S. for the Hydrogen Separator Technology at Reg's expense
--Reg agrees to build a prototype of the Hydrogen Separator Technology as designed by GHM, Inc.
The Company also has an option to purchase an additional 50% interest in the Hydrogen Separator Technology for $15,000,000 US in a combination of cash and shares and will assign a 5% net revenue interest to GHM, Inc.
Reg has commenced to build a prototype and will conduct a preliminary in-house test to confirm that the Hydrogen Separator Technology can economically convert water into hydrogen and oxygen.
George Magaha, Ph.D., inventor of the Hydrogen Separator, states that, "The H2O Hydrogen Separator can be utilized to supply hydrogen fuel to the Rand Cam(TM) rotary engine and to hydrogen powered fuel cells for cars, trucks, buses (mobile) and stationary applications."
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