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    HEAT Hillcrest Energy cancels licence deal with Oropass


    January 14, 2022 - Canada StockWatch

     

      Hillcrest Energy Technologies Ltd (CSE:HEAT)

      Shares Issued 319,159,435

      Last Close 1/13/2022 $0.175

      Friday January 14 2022 - News Release

      Mr. Donald Currie reports

      HILLCREST ANNOUNCES TERMINATION OF LICENSE AGREEMENT WITH OROPASS

      Hillcrest Energy Technologies Ltd. has terminated its licence agreement with Oropass Ltd., dated Aug. 10, 2020, with respect to the licensing of certain technology related to step change efficiency gains for electric vehicles, wind turbines and other electricity generation. The intention was for Oropass and Hillcrest to contribute the License Agreement and potentially monetize the Technology through an incorporated joint venture, in ALSET Innovations Inc. ("ALSET").

      However, as disclosed in our prior news release on January 25, 2021, the Company required independent testing of the Technology by a qualified, independent third party to recognized engineering standards to validate performance claims. To the knowledge of the Company no such validation has been obtained, and as a result the Company and Oropass mutually terminated the License Agreement. ALSET remains a wholly owned subsidiary of Hillcrest.

      Throughout 2021, Hillcrest assembled a proven combination of power electronics, control methods and system design expertise through the execution of several key arrangements. The Company acquired proprietary control system firmware and hired the firmware's creator, Ari Berger, as Hillcrest's CTO. The Company entered into a collaborative technology development agreement with Systematec GmbH, a well-respected German power electronics design firm. Hillcrest built out a top-notch lab and research facility to help validate and expedite our commercialization plans. And the Company also began the process of assembling an internal team of technical and commercialization expertise to further ensure our success. Moving forward, Hillcrest will develop and commercialize Hillcrest wholly owned IP and technology, moving away from being a licensee or agent for other technologies.

      About Hillcrest Energy Technologies

      Hillcrest Energy Technologies is a clean tech innovation company developing transformative power conversion technologies and control systems for next-generation powertrains. The Company is transitioning from the production of fossil fuels from its West Hazel asset in Saskatchewan, to clean energy technologies that help unlock efficiencies in electrification and maximize performance of electric systems including electric vehicles and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power the future. Hillcrest is publicly traded on the CSE under the symbol "HEAT", on the OTCQB Venture Market as "HLRTF" and the Frankfurt Stock Exchange as "7HIA.F".

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