Trimol Group to License Aluminum-Air Fuel Cell Technology
NEW YORK--(BUSINESS WIRE)--Jan. 12, 2001--Trimol Group, Inc. (OTC-BB:TMOL) (the "Company") announced today that it has entered into a Technology Acquisition Agreement with Aluminum-Power, Inc., a privately held company headquartered in Toronto, Canada.
The consummation of the Technology Acquisition Agreement is subject to certain conditions, including but not limited to stockholder approval.
Pursuant to the Technology Acquisition Agreement, the Company will purchase and license certain battery technology for portable consumer electronic devices based on aluminum-air fuel cell technology from Aluminum-Power in exchange for the issuance of 88,000,000 shares of the Company's common stock and a substantial part of the Company's assets, including its interests in a bank, a hotel and an insurance company, all of which operate in the Republic of Moldova.
Upon consummation of the Technology Acquisition Agreement, the Company intends to further develop and market the battery technology acquired from Aluminum-Power, while it continues to operate Intercomsoft Limited, a provider of proprietary technology used to produce secure essential identification documents for the Government of the Republic of Moldova.
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