Members of American Resources Corporation will join Novusterra Inc.’s Board of Directors and assume administration of the company.
American Resources (NASDAQ:AREC)
American Resources (NASDAQ:AREC) has given Novusterra $16 million worth of Class A ordinary Novusterra shares in exchange for the exclusive patent rights to carbon nanostructure and graphene technologies.
A majority of the shares that the materials company acquires through this transaction will be distributed to its underlying investors at or before Novusterra’s public offering, which is still awaiting exchange and SEC approval.
The majority of the shares that American Resources acquires through this transaction will be distributed to its underlying investors at or before Novusterra’s public offering, which is still awaiting exchange and SEC approval.
In accordance with the agreement, Novusterra will look to list on a public exchange to raise money for the development and commercialization of the carbon nanostructure and graphene technology, with an emphasis on applications in infrastructure and battery storage.
It will acquire the right to lease specific locations and facilities from American Resources in Indiana, Kentucky, and West Virginia, opening up opportunities for both businesses to work together.
It will acquire the right to lease specific locations and facilities from American Resources in Indiana, Kentucky, and West Virginia, opening up opportunities for both businesses to work together.
Furthermore, Novusterra will provide funding for the sponsored research program at Texas Tech University to enhance the commercialization of the preprocessing, carbon nanostructure, and graphene technologies.
Members of AREC will become Novusterra’s new management team and board of directors. Gregory Jensen will take on the roles of CEO and director of Novusterra, and Mark LaVerghetta will serve as board chairman. Taking over as chief technical officer will be Gerardine Botte
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Author Jowi Kwasu 
