TORONTO, ONTARIO--(Marketwired - March 15, 2017) - EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company") announced today that it has applied to the TSX Venture Exchange for acceptance of amendments to the terms of 3,704,000 outstanding common share purchase warrants originally issued by the Company on November 14, 2013 to (i) extend the expiry date of the warrants to June 30, 2017; and (ii) reduce the exercise price of the warrants to $1.00 per share. Each warrant currently entitles the holder to purchase one common share of the Company at a price of $1.50 per share until March 31, 2017.
About EEStor Corporation
EEStor's mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's business strategy is focused on licensing opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to high voltage solid state capacitors. The most recent advancements in the Company's technology has resulted in focusing its licensing discussions on the substantial global electrical grid storage and power factor correction markets.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. (EEStor). The acquisition of the controlling interest in EEStor aligns the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, including applications throughout the capacitor industry and not limited to high density energy storage applications.
The Company's success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company's public filings.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.