InvestmentPitch Media Video Discusses Far Resources' Expanded Relationship with BattMat Technologies and Joint Venture for Development of Various Patentable Battery Related Technologies - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 25, 2019) - Far Resources (CSE: FAT) (FSE: F0R) (OTC PINK: FRRSF) has expanded its relationship with BattMat Technologies Inc., forming a Joint Venture for the development of various patentable battery related technologies. The two parties have signed a binding Letter of Intent with the definitive agreement expected to be finalized in the coming weeks, giving Far Resources an opportunity to participate in early stage ownership of patentable battery and power related technologies and to advance relationships with battery manufacturers.
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The first is an omnibus application for a renewable energy power system that actively manages renewable power sources and batteries to provide sustainable and reliable power, and the sub-systems that make the system operate efficiently. A second application covers a universal battery warmer which provides existing or new batteries with an application to increase the efficiency of the batteries at temperatures much lower than currently permitted.
This new technology controls the battery's temperature thereby optimizing the battery's performance and extending its life. It also optimizes wind turbine efficiency, particularly on a marine vessel, while providing autonomous and remote control movement and operation of a vessel.
Toby Mayo, President and CEO, stated: "Having access to BattMat's clients and partners greatly enhances Far's ability to take advantage of a vertically integrated network, from raw material through to consumer and industrial products. We will be working closely with BattMat to strengthen downstream relationships with battery manufacturers. The filing of these patent applications is a major step in realizing our broader battery strategy and building a strong base for growth encompassing the entire life-of-battery cycle."
Although it is anticipated that each individual application may take 6-24 months for patent approvals, commercialization of the technologies may begin immediately under a patent pending designation.
Roger Wagner, President of BattMat, added: "Since our initial conversations with Far, we have discovered multiple synergies based on our shared belief in furthering renewable energy through energy storage, and more importantly among our business frameworks. The financial support of Far allows us to work with partners to focus on the advancement of vital battery and sustainable energy related technologies, which we intend to develop and commercialize. Today's lodging of our first patents is proof of our ability to work together in an efficient and productive manner."
Each technology will be held within a separate special purpose vehicle, with Far Resources having the option to accept or reject participation in each individual project. The earn-in on each project is designed in stages, or other mutually agreed upon terms. Far has the option to crystalize its ownership and any stage or continue up to US$350,000 for a 30% ownership, maintaining a right of first offer on subsequent financings until a total of $2 million has been raised in that particular special purpose vehicle.
This relationship also provides Far Resources with additional markets for lithium sourced from its Zoro and Hidden Lake projects, located in Manitoba and Northwest Territories.
For more information on Far Resources and its projects in Canada and the USA, please visit www.farresources.com, contact L. Frank Anderson, Director, at 604-253-3444.
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