USA - Legends Business Group (www.legendspower.com) announced it entered into a Letter of Intent (LOI) to acquire the exclusive rights to manufacture and distribute what it thinks is the future in battery charging technology.
The Letter of Intent comes at the conclusion of months of research and negotiations, which have led to the procurement of Legends' own product.
According to the terms of the LOI, Legends will attain, manufacture, distribute, and build in the USA the ultra efficient battery charging technology. While the exact terms of the final agreement will be announced after closing, the acquisition is projected to be completed with an offering of ten million restricted common shares and a percentage of gross revenue going to the inventor.
Additionally as part of the terms, the company has agreed to regain its fully reporting status with the Securities and Exchange Commission (SEC) by December 31, 2012.
"We are extremely excited to have the opportunity to better serve our customers - offering an exceptional product to the green energy market," said Rudy Sablon, President and CEO of Legends. The move to manufacture and distribute has also motivated Legends to seek out an independent 3rd party testing company to push this new battery charging technology to its limits.
"With the focus now on better ways to provide environmentally friendly alternatives to energy, Legends feels it's our mission to validate and advance on products we sell our customers."