WATERBURY, Conn., April 23, 2019 /PRNewswire/ -- Harrison Vickers & Waterman (OTC PINK: HVCW) ("HVCW" or "the Company") announced today that the Company has received a letter of intent to sell its New Jersey Battery Energy Storage Project. The agreement, which is currently under a non-disclosure clause, would provide HVCW with a strong, upfront cash payment in exchange for its rights and ownership interest in the New Jersey Battery Storage Project. The final deal terms are still being finalized, however, the parties have agreed to a target closing time to occur by the beginning of the third quarter.
This development offers significant credibility to the Company's newly announced business model whereby the Company will seek to get energy development sites under contract and develop them through the first phases of the permitting and engineering. These first steps, which are often the most laborious and slow, offer an opportunity for HVCW to obtain lucrative energy projects for minimal upfront capital. Once obtained, HVCW can develop the project to a point where larger energy companies can see viability and have greater interest in pursuing the venture. Then HVCW can simply sell the project for cash along with a small overriding royalty for the life of the project.
Christopher C. Harrison, Chief Executive Officer of HVCW, commented on the recent news and developments, "We are extremely excited to have received the LOI and to be in final negotiations to sell the New Jersey Project. We are equally excited that our business strategy is so quickly showing such tremendous opportunity for continued profits and revenues. This is a system and process that we can easily duplicate and develop into a long term, sustainable cash flow producing business model."
The Company further stated that they plan to keep the market and shareholders updated with additional press releases as well as through their website and social media outlets.
Other Business Opportunities
HVW is actively seeking strategic partnerships or acquisitions with similar energy management related businesses to expand our potential operations and expand into other markets for Energy Storage and demand energy management projects. There can be no assurances that we will be successful in such efforts to acquire other businesses, or that any such acquisitions or joint ventures would be on terms favorable to our existing shareholders.
About Harrison Vickers & Waterman
Harrison Vickers (HVW) intends to become a comprehensive one-stop solution to address grid stability problems in the energy market and take advantage of the large and actively growing market opportunity for energy storage and demand management. HVW offers solutions to grid operators, utilities, and Commercial and Industrial (C&I) customers. Our focus is on renewable Distributed Energy Resources (DER) and Battery Energy Storage Systems (BESS) for grid balancing services to the Independent System Operators (ISOs); load shifting for utilities; energy management through storage and standby generator input for C&I customers; and micro grids for energy security. We intend to build or own or partner with third parties on energy related projects, partner with existing grid participants to take advantage of demand management programs, enter joint ventures and operate electric energy facilities to develop a portfolio of income producing projects.
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. There can be no assurance that efforts to develop the Bloomsbury, NJ site for 20 megawatts will be successful. There are numerous financing and regulatory and timing hurdles involved with any project, and HVW does not have its own capital necessary to satisfy the financing needs to complete these projects at this time and will have to obtain financing through third parties, of which there can be no assurance. While any forward-looking statements represent our judgments and future concerning our business, several risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, the highly competitive landscape to source and locate energy management projects that will be economically viable, the high cost of purchasing battery equipment, and the risk that we may be unable to obtain necessary capital investment and financing to install energy storage systems and otherwise complete projects, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Harrison Vickers & Waterman Inc to be materially different from the statements made herein.
Harrison Vickers & Waterman
1669 Thamaston Avenue
Waterbury, CT 06704
Christopher C. Harrison
Chief Executive Officer
SOURCE Harrison Vickers & Waterman