StarPower ON Systems, Inc. Announces Sale of Canadian Subsidiary and Resignation of Xianguo Li

StarPower ON Systems, Inc. (OTC: SPOS) (the “Company”) announces that, pursuant to an Agreement of Conveyance, Transfer and Assignment of Subsidiary and Assumption of Obligations (the “Conveyance Agreement”), it sold its wholly owned subsidiary, StarPower ON Systems, Inc., a Canadian corporation (“StarPower”), to Xianguo Li in exchange for the cancellation of his 81,000,000 shares in the Company.

Previously, the Company entered into a share exchange agreement (the “Exchange Agreement”) with StarPower with the hope that a trading vehicle could provide needed financing to further StarPower’s fuel cell technology. As a result of the inability to obtain financing, the Company decided to unwind the deal, and allow StarPower to work as a private entity in the pursuits of its affairs. Dr. Li has resigned as the Company’s officer and director.

SAFE HARBOR STATEMENT

This release includes forward-looking statements, which are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the Internet and e-commerce market; including the travel and research and development of technology moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

80 Leitchcroft Cres. – L3T7W1
​Thornhill, ON Canada

Source: StarPower ON Systems Inc.


Categories: Business Finance

Tags: Nevada, resignation of Xianguo Li, sales of Canadian subsidiary, StarPower