General Automotive Co. (GNAU.OB) Defines Terms of Agreement with SenCer, Inc.
Source: http://Blog.QualityStocks.net/?p=12091Posted on Tuesday, September 2nd, 2008 | In Small & Micro Cap
General Automotive is an international provider of advanced automotive parts and technologies. Today the company announced the details of a joint venture in which General Auto and SenCer, Inc. have agreed to work together to advance the development of SenCer’s next-gen ceramic composite material, UltraTemp™.
The project will move forward under the name Advanced Technology Group (”ACT”), and stands to accelerate both SenCer’s efforts to commercialize its oxygen sensors and UltraTemp™, as well as General Auto’s ongoing quest to develop the most technologically advanced fuel cells that the world has seen to date. It is thought that UltraTemp™ may play a critical role in circumventing common fuel cell engineering difficulties, such as durability and manufacturing cost issues.
Each company will hold an equal fifty-percent share in the ACT venture, with the option to contribute more capital upon further evaluation of the project’s viability. Unlike the average everyday venture, this one actually has a set expiration date. It has been agreed that if viable commercial opportunity has yet to be realized by January 15th, 2009, ACT will be dissolved. This escape clause both reduces the long-term risk of the shared venture, and reinforces the need to take the appropriate steps in a timely manner.
Joseph DeFrancisci, President and CEO of General Auto stated, “Backed by extensive field test data supporting remarkable thermal properties and the bonding relationship with engineered oxide, conductive metals and ceramics coatings from SenCer’s breakthrough technology UltraTemp™; we believe this new joint venture will accelerate commercial development of potential industry-changing devices in the automotive sensor and fuel cell technology markets worldwide.”
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Advanced Technology Group, automotive parts and technologies, fuel cell, fuel cell technology, Fuel Cells, General Auto, General Automotive Co., Joseph DeFrancisci, Oxygen Sensors, potential industry-changing devices, SenCer Inc., Small & Micro Cap
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