Novusterra has acquired the exclusive patent rights in Graphene and Carbon Nanostructure technology from American Resources Corporation in exchange for $16 million worth of Novusterra Stock
Members of American Resources Corporation will take over the management of Novusterra Inc. as well join its Board of Directors
MIAMI, FL / ACCESSWIRE / August 31, 2022 / Novusterra Inc. (Private) (“Novusterra” or the “Company”), a rapidly growing company focused on developing and commercializing high-value products and applications for graphene and carbon nanostructures, today announced that it has acquired the exclusive rights to patents for graphene and carbon nanostructure from American Resources Corporation in exchange for $16 million of Class A common Novusterra shares.
Andrew Weeraratne, CEO of Novusterra Inc. commented, “We are excited to complete this transaction to drive fundamental value for our shareholders and build a world class team to help navigate the growth of the company in the future. The technologies are a gamechanger when it comes to the graphene and carbon nanostructure industry given the low-cost feed stock (waste carbon) that is utilized in the manufacturing process. Not only are we able to clean up the environment but also produce some of the highest quality products and applications in the world for the sustainable infrastructure and electrification industry”.
Pursuant to terms of the transaction:
- Dr. Gregory Jensen, PhD will be named Chief Executive Officer and Director of Novusterra and Dr. Gerardine (Gerri) Botte as the Chief Technical Officer;
- Mark LaVerghetta will be named Chairman of the Board, other board members will include: Dr. Byron Price, Eugene Nichols and Goran Antic;
- Novusterra will fund the sponsored research program at Texas Tech University to advance the preprocessing, carbon nanostructure and graphene technology to commercialization;
- Novusterra will work to list on a public exchange in an effort to fund the development and commercialization of the technology with a focus on infrastructure and battery storage applications;
- Novusterra will have rights to lease certain properties and facilities in Indiana, Kentucky and West Virginia from American Resources which will allow for synergistic opportunities for both companies as they work to develop a consistent and sustainable feedstock of carbon material; and
- Novusterra and ReElement Technologies will collaborate and enter into a joint services agreement on electrolysis technology which is utilized in both companies’ processes and will therefore generate additional synergies and cost saving technologies.
Graphene is an allotrope of carbon consisting of a single layer of atoms arranged in a two-dimensional honeycomb lattice nanostructure. The name is derived from graphite reflecting the fact that the graphite allotrope of carbon contains numerous double bonds. Graphene is extremely thin and extremely light yet harder than diamonds. Graphene has become a valuable and useful nanomaterial due to its exceptionally high tensile strength, electrical conductivity, transparency, and being the thinnest two-dimensional material in the world. The global market for graphene is rapidly expanding with most of the demand focused on development in semiconductor, electronics, electric batteries, and composites.
About Novusterra Inc.
Novusterra’s mission is to harness the potential to produce high quality carbon nanotubes and graphene from carbon-based deposits to be utilized in high tech application within the energy storage, concrete and water filtration marketplaces. The company has secured the patents through a sublicense with American Resources Corporation (NASDAQ: AREC) which are designed to make use of an abundant and low-cost feedstock (coal) in an environmentally friendly process.
Special Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation’s control. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Novusterra Inc.
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