LAS VEGAS, March 22, 2018 /PRNewswire/ -- StarPower ON Systems (OTC: SPOS) announces a Regulation A+ offering to raise up to US$20M in equity financing. The offering is expected to occur on an open funding portal through licensed investment brokers dealers/crowd funding media. We also have plans to list on NASDAQ Capital Market. We expect to complete the documents necessary to file the Form 1-A with the SEC in the near future.
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StarPower is launching new hydrogen fuel cell systems to power buses, cars, industrial vehicles such as fork lifts and tow motors, and remote or backup power systems. StarPower fuel cells will lead the industry in price-performance and delivery industry best solutions with modular designs that can be optimized for specific uses.
StarPower fuel cells were developed by Dr. Xianguo Li of the University of Waterloo in Ontario, Canada where he conducts advanced research and development of hydrogen fuel cell systems. Dr. Li is an internationally recognized fuel cell and green energy research scientist.
The Company's core manufacturing will be located in Waterloo with additional production, assembly, and distribution facilities in the city of Rugao, China. Rugao was selected in 2017 as a strategic development center for hydrogen fuel cell deployment after the national government prioritized fuel cells in its most recent 5-year plan and established substantial subsidies and incentives for fuel cell conversion of buses and taxis. The City of Rugao has entered into an agreement with StarPower to provide land and tax incentives as well as a contract to supply 5,000 fuel cells to convert government vehicles over the next 5 years. Renovations are underway at our temporary facility.
StarPower has also executed a Memorandum of Understanding with Guangdong Hydrogen Energy Science and Technology Co. Ltd. to deliver fuel cells of varying specifications beginning in 2019 for use in buses, cars, and remote power systems. A trial order is to be delivered in 2018 after which production will be expanded to meet the expected demand of over 50,000 units per year. The definitive purchase agreement is pending upon demonstration of our full production capacity.
We are conducting the Regulation A+ offering to finance, among other things, the above objectives. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.
About StarPower ON Systems, Inc.
StarPower ON Systems, Inc. was founded by Dr. Xianguo Li to commercialize advanced, modular hydrogen fuel cells to meet the demand for clean energy in cars, buses, industrial vehicles, and backup power systems. Fuel cells are an optimal power source for vehicles that need longer range and quick refueling that is not possible with battery systems. StarPower is a Nevada corporation trading on OTC Markets under symbol SPOS and has subsidiaries in Waterloo, Canada and Rugao, China.
Forward-Looking Statements
This press release includes "forward-looking statements". To the extent that the information presented in this press release discusses projections or expectations about business plans, results of operations, or makes statements about future events, such statements are forward-looking. Although expectations reflected in these forward-looking statements are based on reasonable assumptions and belief, risk and uncertainty exists that could cause actual results to differ materially from such expectations. Readers are urged to carefully review and consider such statements. Forward-looking statements speak only as of the date of the document in which they are contained and the Company does not undertake any duty to update any forward-looking statements except as may be required by law.
For further information: Edward Chan, 416-417-4588, chan@starpoweronsystems.com