SOLANA BEACH, CA (SEND2PRESS NEWSWIRE) — ARMOR ELECTRIC INC. (OTCBB ARME) is pleased to announce the company has signed a Joint Venture Agreement with NU POW’R LLC to provide the technology and production of ‘electric propulsion systems’ for two, three and four wheel electric powered vehicles and other electrically propelled products.
This JV also includes the provision that NU POW’R transfer existing production contracts for the use of the ‘electric propulsion systems’ into this Joint Venture for the express benefit of this Joint Venture. The terms and conditions of these initial contracts will be announced at a later date.
ARMOR ELECTRIC will be responsible for the capitalization and administration of the Joint Venture with NU POW’R responsible for the technology, engineering and management of operations. ARMOR ELECTRIC will issue a ‘convertible note’ to a private company to receive the first required capital of $150,000 for this project. This note will carry an interest rate of prime plus 3% to Pinstripe Financial L.L.C., a California Limited Liability Company. Pinstripe will also have an option to convert this loan to ARMOR shares with the conversion rate at the market value of the shares on the date of the conversion and or to accept a percentage share in the future Joint Venture Company.
This Joint Venture should provide significant future revenues for ARMOR ELECTRIC from this Joint Venture. This will be the first production sales contract to provide environmental friendly electric powered vehicles to one of the world’s largest cities that also has one of the greatest air quality needs.
About Armor Electric, Inc.
Armor Electric, Inc. (OTC BB: ARME) is a leader in the design, manufacture, and distribution of electric battery power drive systems for land and water vehicles.
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This information may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company’s current expectations as to future events. However, the forward-looking events and circumstances discussed on the website might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.