Heatec Jietong definition
Heatec Jietong has entered into a joint venture agreement dated 11 August 2009 with Chariot Robotics, LLC and Chua Ah Goo ("Agreement"). Chariot Robotics, LLC ("Chariot") is a company incorporated in Delaware, the United States of America, and is the owner of the EnvirobotTM system, a patented air-gap ultra high water pressure water jetting system for removal of heavy duty marine and industrial coatings and a custom vacuum system for collection of effluent from the paint removal process for disposal (“EnvirobotTM”). Chua Ah Goo is an individual with 25 years of experience in the Singapore marine industry. Chua Ah Goo is not related to Chariot, Heatec Jietong, the Company or any of the directors or substantial shareholders of the Company. Pursuant to the terms of the Agreement, Heatec Jietong, Chariot and Chua Ah Goo ("Parties") have agreed to consolidate their interests and expertise and establish a joint venture company in Singapore, to be named Heatec-Chariot Envirobotics Pte. Ltd. ("HCE"), for the purposes of providing removal services in respect of heavy duty marine coatings and corrosion on the hulls and decks of ships using the EnvirobotTM system, as well as repainting and other related services. The initial issued and paid-up share capital of HCE will be S$2,294,000 (“Initial Investment”) divided into 1,000,000 ordinary shares. Pursuant to the terms of the Agreement, completion is to take place on 21 August 2009 (“Completion”) following the fulfillment (or waiver) of, among others, the following conditions: