The Now Corporation Amends its Letter of Intent That with SP Power Farm Group Ltd. and SP Power Farm Group B.C. Ltd
Feb 12 14
The Now Corporation has amended the original letter of intent that it executed with SP Power Farm Group Ltd. and SP Power Farm Group B.C. Ltd. on December 17, 2013 to expand the territorial rights for the distribution of SPpf's exoPOWER wind turbine systems for the small and mid-wind sectors to include the states of California, Oregon, Washington, and Idaho from pfBC. These four states are in addition to the states of Texas, New Mexico, Arizona, Nevada, Utah, Wyoming, Montana, North Dakota and South Dakota that were the subject of acquisition of distribution rights by the Company in the original LOI. The company shall also acquire exclusive distribution rights to SPpf's exoPOWER wind turbine system for small-wind and mid-wind sectors for the states of California, Oregon, Washington, and Idaho in addition to Texas, New Mexico, Arizona, Nevada, Utah, Wyoming, Montana, North Dakota and South Dakota for oil field applications from pfBC. Under the terms of the original and amended LOI, SPpf shall develop its exoPOWER wind turbine system with the Company to fulfill specific and unique requirements for applications for markets as identified by NOW for the small-wind and mid-wind sectors under the Company's private label. exoPOWER wind turbine systems that range from 10 kilowatts to 250 kilowatts will be distributed by the Company to fulfill the market demands of the small-wind and mid-wind sectors. SPpf's exoPOWER wind turbine system is a proprietary, patent-pending technology whose design is based on the wind blades or sails being positioned on the circumference of a ring frame where multiple bearings and supports share the stress and torque of a rotating turbine equally. The outer ring is mounted on a track that is laid on the horizontal. As the turbine rotates, the magnets pass continuously along the mounted coil packs, where power off takes feed the converter, changing alternating current to direct current. The inverter then directs the power to the circuit breaker which flows back to the grid or to a battery storage system for on-demand electricity. Energy from the exoPOWER turbines can be taken off by a number of different methods, including but not limited to coil and magnet, hydraulically and mechanically. This simple, yet break-through design has created a new class of wind turbines -- the external wind axis turbine ("EAWT"). This design allows for the elimination of a central hub that is common to conventional three-blade horizontal axis wind turbines ("HAWT"). In doing so, the nacelle which contains a complex yaw motor, transmission, gear and braking components, along with oil-based lubricants to keep everything in working condition is eliminated. Some of the many benefits of the design of the exoPOWER turbines include scalability at the machine level (10 kilowatts up to 4.5 Megawatts), turbines that a stackable on top of each other allowing multiple orders of power generation, and installation directly into buildings or on roof-tops of new and existing buildings allowing power to be generated where it is needed. The exoPOWER wind turbine systems come equipped with an exoHOUSING unit that is designed to influence wind flow, resulting in better wind load to propel the blades or sails of the exoPOWER turbines. An added benefit of the exoHOUSING is that it will help prevent birds and other flying objects from striking the blades or sails of the exoPOWER turbines. The exoPOWER turbine and exoHOUSING can be raised using the exoTOWER such that higher wind loads can be exploited to optimize the generation of electrical power. The exoTOWER can also create industrial space that can be further utilized by the power farm owner/operator to house energy storage units, or for other commercial use. With the amendment to the original LOI, the Company has secured distribution rights to wind markets that are both very well developed, with an installed capacity of nearly 31 Gigawatts, and holds tremendous opportunity for further expansion with over 30 Gigawatts of planned installations. As such, The Now Corporation has positioned itself to be a provider of the exoPOWER wind turbine systems to replace older model conventional three-blade HAWT, displace diesel power generators, and to take advantage of emerging opportunities where the applications and installations of the conventional HAWT are limited or prohibited because of design limitations in a robust territory.