SARNIA, Ontario, April 18, 2011 /PRNewswire/ -- Megola Inc. (OTCBB: MGON), a leading environmental solution provider, announces that it has signed a Memorandum of Understanding (MOU) with 1771601 Ontario Inc. for the purchase of the Intellectual Properties to the Hartindo AF21 Anti-fire Inhibitor product. The Final Agreement is expected to be executed by the end of April, 2011.
1771601 Ontario Inc. executed a Technology Purchase Agreement and North American Manufacturing Rights for Hartindo AF21 with Randall Hart of Newstar Chemicals (M) Sdn Bhd in October 2007 with amendments made in March 2008.
"As Megola has been blending the AF21 Fire Inhibitor in North America for the past couple of years the company has the ability to ensure that quality control standards and all associated industry certification requirements are met. Through the management of supply chain logistics Megola can also ensure that the product is readily available to its agents and end users," states Joel Gardner, CEO of Megola Inc.
Gardner adds, "Obtaining the ownership of the technology will allow us to make any modifications required so that Megola can better serve specific industries and applications. It will also allow Megola the potential of initiating patents for the different blends."
Megola has been targeting the AF21 product for use in the wood industry as a stand alone topical treatment or for blending with other wood treatment products such as Ecoblu Products Inc.'s FRC Technology, Bluwood and NexGen. Testing that has been done, and the fire ratings achieved with such advanced product lines, have been with the AF21 product that Megola has blended.
Megola currently owns the North American trademarks for 'Hartindo Anti-Fire' and 'Ant-Fire'.
Unlike many current fire retardant solutions, which only delay the start of fires, AF21 is a total fire inhibitor, rendering all natural materials and many synthetics non-flammable.
Water-based, non-toxic, and environmentally-friendly, AF21 is a safe alternative to current fire retardant chemicals.
For more information on Megola Inc., please visit www.megola.com
Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.
SOURCE Megola Inc.