Published:
Pure Energy Signs Battery Distribution Agreement With Sure-Gro Inc. -- Agreement Includes $750,000 Distribution Rights Fee, Minimum Purchase Targets, and $250,000 Investment in Pure Energy Common Shares
Pure Energy Visions Corporation (TSX-V: PEV)
(FRANKFURT: XYQ) ("Pure Energy" or the "Corporation"), the leading Canadian
provider of environmentally responsible battery and lawn & garden products,
is pleased to announce that it has signed agreements with Sure-Gro Inc.
("Sure-Gro"), a leading supplier in the Canadian home and garden industry,
for the distribution of Pure Energy's battery products to retail markets in
Canada and the US.
The agreements appoint Sure-Gro as the exclusive retail distributor of Pure
Energy's battery products in Canada under the Pure Energy(TM), Perfectly
Natural Solutions(TM) and private label brands. In addition, Sure-Gro is
appointed a distributor in the US for the Corporation's battery products
under the Perfectly Natural Solutions(TM) brand in select hardware and lawn
and garden retail markets, and will also assist Pure Energy's other US
distributors. Bob Falconi, Sure-Gro's Executive Vice President, will be
responsible for battery product sales. Mr. Falconi has over 30 years'
experience in the battery industry, including senior positions with Rayovac
in both Canada and the US, and with Duracell Canada.
In return for these distribution rights, Sure-Gro will pay Pure Energy an
aggregate amount of $750,000 in three equal installments on April 30, 2008,
August 30, 2008 and December 31, 2008, in addition to payments to be made
for battery products to be exclusively sourced from Pure Energy by Sure-Gro
under the battery products distribution agreement and royalty payments
under the Perfectly Natural Solutions' lawn and garden products license
also announced today. Sure-Gro upon signing the agreement also purchased
1,136,363 shares of Pure Energy held by Pure Energy's subsidiary, Pure
Energy Inc., for $250,000 ($0.22 per share) paid in cash. Because these
are already issued shares of Pure Energy, there is no dilution from this
purchase. In the event that Sure-Gro meets or exceeds certain minimum
purchases and royalty payments required to be achieved by July 31, 2009,
Sure-Gro will also be entitled to purchase 1,000,000 Pure Energy shares at
$0.25 per share until September 30, 2009 and for each of the following four
years commencing October 1, 2009, provided minimum purchase and royalty
payments are met, will be granted 500,000 warrants to purchase common
shares having a two year term and an exercise price equal to the greater of
$0.30 and the then current market price of the shares, subject to TSX
Venture Exchange approval.
"Signing this long-term agreement with Sure-Gro for the distribution of
Pure Energy(TM) and Perfectly Natural(TM) branded rechargeable batteries is
a very positive development for the Company," said Paul Simmonds, President
and CEO of Pure Energy. "In order to implement our plan to grow Pure
Energy into a world leader in the rechargeable battery category, partnering
with companies such as Sure-Gro, who have well established relationships
with major retailers, will be essential. These agreements, combined with
the recently signed US distribution agreement with Conros Corporation, will
provide Pure Energy excellent access to North America's leading retailers.
The Company plans to implement similar distributorships in other
international markets."
"We are excited about our new partnership with Pure Energy and adding their
rechargeable alkaline battery line to our growing line of environmentally
responsible products," said John Hill, President and CEO of Sure-Gro. "We
are confident in our ability to leverage our existing sales and
distribution resources to grow Pure Energy's market share in the Canadian
and US retail markets."
About Sure-Gro Inc.:
Sure-Gro is a leading supplier in the Canadian Home and Garden Industry
with a broad range of product categories, including fertilizer, grass seed,
controls, horticulture and ice melt products, under several brand names
including CIL, Golfgreen, Wilson, Green Earth and Alaskan. The Company
recently announced the purchase of the Canadian Division of Spectrum
Brands' Home and Garden division. Sure-Gro is a company formed by Roycap
Merchant Banking Group and Clarke Inc. (TSX: CKI).
About Pure Energy's Rechargeable Alkaline Batteries:
Pure Energy's advanced formula AA and AAA size Rechargeable Alkaline
batteries are the only rechargeable batteries that can be used in any
application that uses throw-away alkaline batteries. They can be recharged
hundreds of times leading to cost savings for consumers and less greenhouse
gas emissions and waste entering landfill compared to throw-away alkaline
batteries. Rechargeable Alkaline batteries do not contains heavy metals
such as cadmium or mercury and offer several performance and cost
advantages over other rechargeable batteries including an industry leading
7 year shelf life -- 40 times longer than regular rechargeable NiMH
batteries.
About Pure Energy Visions Corporation:
Pure Energy Visions Corporation is an international consumer and commercial
products corporation focusing on cost effective, environmentally
responsible products. The Corporation is a leading supplier of rechargeable
batteries and lawn and garden products sold under private label and under
the Pure Energy(TM) and Perfectly Natural Solutions(TM) brands and to
Original Equipment Manufacturers (OEM). Through a growing network of
strategic partners and distributors, the Corporation's products are sold
domestically and internationally by a number of leading retailers and OEM
companies.
This news release may contain forward-looking statements. These statements
are based on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section of our
interim and most recent annual financial statements or other reports and
filings with the TSX Venture Exchange and applicable Canadian securities
regulators. We do not undertake any duty to update any forward-looking
statements.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this press release, and does not accept responsibility for the
adequacy nor accuracy of this information.
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Tags: ,Energy and Utilities:AlternativeEnergy, Environment:HazardousMaterialsManagement, ManufacturingandProduction:PackagingandContainers, ,GA,TORONTO