CALGARY, Alberta(BUSINESS WIRE)March 6, 2001MAXIM Power Corp. (�MAXIM�) announced today that it has exercised its option to acquire additional shares in Etho Power Corporation (�Etho Power�).
This follows an initial $1.5 MM investment in Etho Power by MAXIM in late January of this year.
These transactions will result in MAXIM holding a 25% interest in Etho Power after the issue of 1,763,265 common shares of MAXIM Power Corp. under the terms of this option.
Etho Power has developed a proprietary biomass electricity generating system, which utilises gasifiers, heat exchangers and air turbines. These systems can use a wide range of biomass fuels while exceeding the world's best emissions practices. This technology also removes the steam turbine systems with which traditional biomass plants operate. As a result, the Etho Power technology is more efficient, produces fewer emissions and is less expensive than traditional biomass systems, allowing for extremely competitive distributed power solutions.
Under current agreements MAXIM has an exclusive license for the utilization of the biomass to electricity and/or thermal recovery technology in Mexico, the Caribbean and Central and South America, and will co-market with Etho Power globally as a provider of �Build, Own, & Operate� services for purchasers of the Etho Power systems.
�MAXIM is extremely committed to developing distributed power project opportunities utilizing the Etho Power biomass system. Accordingly, this will result in greater shareholder value for both parties, which is the true essence of a sustainable partnership,� said Mr. John Bobenic, President and Chief Executive Officer of MAXIM Power Corp.