China Nuvo Solar Energy, Inc. (OTCBB: CNUV) announced today that it has completed the acquisition of patents the company had licensed from Photovoltaics, Inc. in an earlier agreement. In exchange for the patents, China Nuvo issued Photovoltaics 2,000,000 restricted shares of China Nuvo $0.001 par value common stock.
The Patents, collectively referred to as "A Multi-Stacked Photovoltaic Sell with Light Transmitting Wave Guides in A Ceramic Sleeve," had previously been licensed by China Nuvo under a ten-year renewable license agreement. With the closing of the transaction, China Nuvo now owns all right, title and interest in the patents including all issued patents or other intellectual property arising from the patents in any domestic or foreign jurisdiction.
"By acquiring the patents outright, we no longer have to worry about future license renewals and are able to ensure that the Company’s rights under the Patents are fully protected," commented China Nuvo CEO Henry Fong. "Although we now own the Patents, we will continue to work with the inventor on potential improvements to the Company’s technology and are excited about the prospects for our ongoing manufacturing development project in China."
About China Nuvo Solar Energy, Inc
China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology.
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