(TheNewswire)
VANCOUVER, B.C. - TheNewswire- January 14, 202 2 – Hillcrest Energy Technologies (CSE:HEAT) (CNSX:HEAT.CN) (OTC:HLRTF) (FRA:7HI.F) (the“Company” or “Hillcrest”), announces thetermination of its license agreement with Oropass Ltd. (“Oropass”)dated August 10, 2020 (the “License Agreement”) with respect tothe licensing of certain technology related to step change efficiencygains for electric vehicles, wind turbines and other electricitygeneration (the “Technology”). The intention was for Oropass andHillcrest to contribute the License Agreement and potentially monetizethe Technology through an incorporated joint venture, in ALSETInnovations Inc. (“ALSET”).
However, as disclosed in our prior news release onJanuary 25, 2021, the Company required independent testing of theTechnology by a qualified, independent third party to recognizedengineering standards to validate performance claims. To the knowledgeof the Company no such validation has been obtained, and as a resultthe Company and Oropass mutually terminated the License Agreement. ALSET remains a wholly owned subsidiary of Hillcrest.
Throughout 2021, Hillcrest assembled a provencombination of power electronics, control methods and system designexpertise through the execution of several key arrangements. TheCompany acquired proprietary control system firmware and hired thefirmware’s creator, Ari Berger, as Hillcrest’s CTO. The Companyentered into a collaborative technology development agreement withSystematec GmbH, a well-respected German power electronics designfirm. Hillcrest built out a top-notch lab and research facility tohelp validate and expedite our commercialization plans. And theCompany also began the process of assembling an internal team oftechnical and commercialization expertise to further ensure oursuccess. Moving forward, Hillcrest will develop and commercializeHillcrest wholly owned IP and technology, moving away from being alicensee or agent for other technologies.
AboutHillcrest Energy Technologies
Hillcrest Energy Technologies is a clean techinnovation company developing transformative powerconversion technologies and control systems for next-generationpowertrains. The Company is transitioning from the production offossil fuels from its West Hazel asset in Saskatchewan, to cleanenergy technologies that help unlock efficiencies in electrificationand maximize performance of electric systems including electricvehicles and grid-connected renewable energy systems. From concept tocommercialization, Hillcrest is investing in the development of energysolutions that will power the future. Hillcrest is publicly traded onthe CSE under the symbol “HEAT”, on the OTCQB Venture market as“HLRTF” and the Frankfurt Stock Exchange as “7HIA.F”.
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
CONTACT INFORMATION
Don Currie
Tel: +1-604-609-0006
Toll-free: 1-855-609-0006
dcurrie@hillcrestenergy.tech
www.hillcrestenergy.tech
NEITHER THE CANADIAN SECURITIESEXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THISRELEASE .
Cautionary Statement Regarding"Forward-Looking" Information
Some of the statements contained in this news release areforward-looking statements and information within the meaning ofapplicable securities laws. Forward-looking statements and informationcan be identified by the use of words such as "expects","intends", "is expected", "potential","suggests" or variations of such words or phrases, orstatements that certain actions, events or results "may","could", "should", "would","might" or "will" be taken, occur or beachieved. This forward-looking information is provided as of thedate of this news release. The forward-looking information reflectsour current expectations and assumptions and is subject to a number ofknown and unknown risks, uncertainties and other factors, which maycause actual results, performance, or achievements to be materiallydifferent from any anticipated future results, performance orexpectations expressed or implied by the forward-lookinginformation. No assurance can be given that these assumptions willprove correct. Forward-looking statements and information are nothistorical facts and are subject to a number of risks anduncertainties beyond the Company's control. Investors are advised toconsider the risk factors under the heading "Risks andUncertainties" in the Company's MD&A for the yearended December 31, 2020 available at www.sedar.com for a discussion of the factors that could cause theCompany's actual results, performance and achievements to bematerially different from any anticipated future results, performance,or achievements expressed or implied by the forward lookinginformation.. Accordingly, readers should not place undue reliance onforward-looking statements. The Company undertakes no obligation toupdate publicly or otherwise revise any forward-looking statements,except as may be required by law.
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