| Symbol | Last | Change |
|---|---|---|
| FVR.V | 0.165 | 0.000 |
Renewing what’s possible
Stock Update
July 2, 2010
Finavera Renewables Inc. (‘Finavera Renewables’ or the ‘Company’) (TSX-V: FVR) has entered into a definitive agreement to sell Finavera Renewables Ocean Energy Limited (“FVROE”), the Company’s wholly owned subsidiary, including all assets and intellectual property related to the AquaBuOY wave energy technology.
Pursuant to the agreement, the purchaser will issue to Finavera Renewables 10% of its issued and outstanding shares if and when a public listing is secured. The purchaser also assumes all liabilities and debts associated with FVROE.
Finavera Renewables CEO Jason Bak said, “The sale of our ocean energy division completes our corporate transition to a pure wind company. The AquaBuOY technology has the potential to become a viable renewable energy alternative and this transaction will provide significant benefits to Finavera. It allows us to retain an interest in an emerging technology while focusing our corporate efforts entirely on our wind project portfolio.”
Jason Bak, CEO