ObjectSoft Corp. today announced that it has agreed to acquire all of the nanotechnology assets of Terra Solar Development Corp. (TSDC to be renamed RES Inc.) and also Accusealed of Hungary. After the closing of the acquisition, expected to take place in February 2005, ObjectSoft will ask shareholders to approve a change in the Company's name to Nanergy Corp.
The principal nanotechnology assets being acquired include:
- Patents issued and applied for, as well as patent disclosures related to the use of carbon nanotubes in
- nickel-carbon nanotube batteries
- hydrogen storage in carbon nanotubes
- Design of a number of Nanofilm-based PV consumer products
- Related contracts with workers and consultants
The assets are being acquired debt-free. As consideration for the purchase, shareholders of TSDC will receive equity equal to 90.9% of the total equity in ObjectSoft. Based on the achievement of certain milestones, additional shares may be issuable to Nanergy management.
60% of the shareholders of ObjectSoft have signified their approval of this transaction, which is still subject to conclusion of a definitive agreement, shareholder and Board approvals and customary closing documents.
ObjectSoft had previously announced that it and its investors had invested a total of $250,000 in Terra Solar Development Corp. Upon the completion of this transaction, ObjectSoft will own all of the nanotechnology assets of TSDC and Accusealed.
About Nano-PV Films and Nanotechnology
The products being developed, which will be acquired as part of this transaction, are believed to be the first to use PV Nanofilms, which combine thin films and nanotechnology so they can also work indoors in most lighting situations. Nanofilms have elements below 1000 and even below 100 nanometers. The National Science Foundation (NSF) defines nanotechnology as consisting of components and elements 1000 nanometers and under. (1 nanometer is one billions of a meter or 10 Angstroms).
About ObjectSoft Corp.
ObjectSoft Corp. is a publicly traded nanotechnology company located in New York City. ObjectSoft Corporation is a company focusing on the combination of photovoltaic cells and carbon nanotubes.
About Terra Solar Development Corp.
TSDC is a well-known pioneer in the fields of photovoltaic cells and nanotechnology. Dr. Zoltan Kiss, TSDC's chief scientist is the inventor of the digital watch, and has over 30 patents to his credit, including fundamental nanotechnology patents.
