Exhibit 99.04 - (Subsuquent Event)
XxXxxxxx Bay And T/J Technologies Plan To Develop And Commercialize Vanadium
Electricity Technology
BRIGHTON, Mich. & XXX ARBOR, Mich. -- Aug. 12, 2002 -- XxXxxxxx Bay
International Ltd. (OTCBB:MKBY) and T/J Technologies Inc "T/J" have signed a
letter of intent to form Vanadium Power Solutions Inc, "VPS". Subject to XXXX's
Board of Directors approval, a final definitive agreement will be prepared
whereby T/J and XXXX will each own 50% of VPS. ADVERTISEMENT
T/J will grant VPS the exclusive rights to its patented ultracapacitor
technology. VPS will initially develop a specific commercial product for
Uninterrupted Power Supply "UPS" applications. The product will be marketed
under the name "EnergySpan".
EnergySpan will provide an immediate, unmet, solution for UPS, a burgeoning, new
market that demands clean, continuous, "premium" electrical power. Power losses,
ranging in duration from microseconds to days, interrupt operations at 72% of US
businesses. The estimated annual cost of UPS disturbances in the USA alone is
$119 billion today increasing to over $500 billion in 5 to 10 years.
Businesses can no longer buy guaranteed power from utility providers or obtain
business insurance for interruptions less than 24-hours in duration. Diesel
generators and other standby power sources do not provide UPS because they
require time to be activated. Businesses must find new ways to mitigate
financial losses from power interruption.
EnergySpan's unique operating capabilities will provide a complete UPS solution
because it will be an "always on", "in-line" device. The need for an EnergySpan
UPS solution is now greater than ever.
VPS will perform additional research and development for new EnergySpan
applications and other electricity storage products identified by T/J for
different market applications. T/J has a right of refusal to be the manager of
all VPS research and development projects.
T/J, a privately owned Michigan company, is nationally acclaimed as a leader in
research and development of advanced materials and devices for electrochemical
energy storage and conversion. T/J has been awarded research contracts from the
Army, Air Force, Department of Energy, Department of Commerce, NASA, Lockheed
Xxxxxx "LMT" (NYSE), automotive and battery manufacturers.
T/J has accumulated an extensive portfolio of issued and pending patents
covering advanced electrode materials, including Vanadium Carbide and Nitride,
and their use in electrochemical devices such as ultracapacitors and batteries.
T/J's proprietary materials and associated processes offer significant
advantages in applications where power, size and cost are at a premium.
Inhibiting development and commercialization of T/J's patented technologies
until now has been the high cost of high purity raw materials including Vanadium
Carbide and Nitride. MKBY will be capable of supplying anticipated large
quantities of high purity Vanadium from the Lac Dore Vanadium deposit in Quebec
for a fraction of today's prices. XXXX has the first right of refusal to supply
all Vanadium to VPS.
MKBY's wholly owned Canadian subsidiary XxXxxxxx Bay Resources Ltd and Soquem,
Inc, a division of SGF Mineral Inc, which is a subsidiary of Societe generale de
financement du Quebec {Ministry of Finance Province of Quebec}, are forming a
Joint Venture for exploitation of Lac Dore, largest Vanadium deposit in America
and second largest in the world.
MKBY's wholly owned Canadian subsidiary, Xxxxxxx Inc through its affiliate
Ptarmigan Off-Grid Energy Inc, is developing a unique marketing strategy for in-
grid and off-grid power quality, cost and UPS electricity solutions. Ptarmigan
is integrating novel electricity storage technologies with traditional and
alternative power generation sources, such as wind turbines and solar to address
these power issues.
MKBY intends to assign its right of refusal to become an authorized VPS sales
agent and its right of refusal for all Canadian sub-contracted research and
development work to Xxxxxxx or Ptarmigan.
This press release contains certain forward-looking statements concerning
potential developments affecting the business, prospects, financial condition
and other aspects of the company to which this release pertains. The actual
results of the specific items described in this release, and the company's
operations generally, may differ materially from what is projected in such
forward-looking statements. Although such statements are based upon the best
judgments of management of the company as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the company's
dependence on third parties, general market and economic conditions, technical
factors, the availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the company. The company
disclaims any obligation to update information contained in any forward-looking
statement. In addition, the description of past or present performance as to any
person is not an indication of future performance or success. The company will
remain dependent upon obtaining future financing to support its continued growth
and development to successfully implement its business plan.
