Stina Resources Ltd. Changes Name to CellCube Energy Storage Systems Inc.
TORONTO, May 14, 2018 /CNW/ - Stina Resources Ltd. ("Stina" or the "Company") (CSE: SQA) (OTCQB: STNUF) (Frankfurt: OIX) - a global leader in vanadium resources and energy storage technology systems, is pleased to announce that it has changed its name to CELLCUBE ENERGY STORAGE SYSTEMS INC. The common shares of the Company will commence trading on the Canadian Securities Exchange ("CSE") under the new symbol "CUBE" effective on or about Thursday, May 17, 2018.
Stina's name change reflects the Company's new strategic focus on full vertical integration in the energy sector. From vanadium exploration and production through to the manufacturing and sale of vanadium redox flow batteries, marks a new chapter in the Company's growth and broader energy driven commitment including its expertise in driving the innovation needed to shape the future of the energy storage industry.
There are currently over 100 CellCube batteries in use globally. CellCube vanadium redox flow batteries ("VFB") are used for a variety of purposes including grid storage; microgrids; off-grid storage for solar and wind power; diesel power replacement; back-up power systems; farming applications; electrical vehicle charging stations; industrial plants and office building applications; and emergency power sources.
The patented CellCube battery, the most commonly installed VFB in the world, developed by Gildemeister Energy Storage GmbH ("Gildemeister") was recently acquired by the Company. The patented CellCube battery amongst all other assets acquired from Gildemeister will now operate under the Company's Austrian subsidiary Enerox GmbH.
Storage markets are estimated to reach 40 GW by 2030 according to Bloomberg New Energy Finance's research, and are estimated to spend over $100 billion in the ramp up phase over the same time period following the same rapid rise of solar installations occurring from 2000 to 2015.
"2018 marks an important point in the evolution of the Stina organization. This new name change will allow us to better emphasize our target driven sales and continue our healthy growth," stated Mr. Brian Stecyk, President and CEO.
About Stina Resources Ltd.
Stina is a vanadium resource company exploring to become a fully integrated producer of vanadium and vanadium electrolytes for the battery storage industry. The Company's vanadium mineral resources are located on the Bisoni McKay and Bisoni Rio properties in norther Nevada. Stina's recent acquisition of the assets of Gildemeister, now operating under its subsidiary Enerox GmbH coupled with the coming name change to CellCube Energy Storage Systems Inc., positions the Company to capitalize on the demand for vanadium redox flow batteries worldwide to help meet the world's rapidly growing energy and storage needs.
About Jet Power and Control Systems
Stina recently acquired Jet Power, a North American leading-edge provider of custom and off-the-shelf electrical equipment and systems for heavy power users, pipeline companies, refineries, manufacturers, municipalities and infrastructure providers. Its key products include electrical switchgear, motor control switchers, and solar power inverters. With the acquisition of Jet Power, Stina will be able to accelerate its sales of CellCube batteries worldwide and offer complementary products and services.
About Braggawatt Energy Inc.
Stina recently acquired a 10% interest in Braggawatt. Braggawatt's end-to-end online financing process revolutionizes enterprise clients' ability to adopt cost-saving distributed energy solutions, without upfront cost and with savings & process certainty. Braggawatt's custom financing and ownership options empower small and medium-sized enterprises as well as their regional solution providers to accelerate the adoption of clean, onsite energy solutions.
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com . Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Neither the CSE nor regulation services providers (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Stina Resources Ltd.
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