Blackbird International Corporation exchanged a Letter of Intent from SDE Ltd for purposes of a merger by which Blackbird would acquire 100% of the shares of the target company.
John Pedder, president of Blackbird International Corporation, said: “The LOI is the precursor to a definitive agreement and share exchange which are on track to be completed very soon and no later than the end of this month. Both companies have undertaken their respective due diligence and foresee no major obstacles in moving to the next stage. As stated previously, this new opportunity represents a complete change of direction for the company and the chance to create long lasting shareholder value. We are very excited by the growth prospect provided by SDE Ltd world leading technology. The shareholders will be kept informed of developments.”
S.D.E.’s technology is based on the utilization of sea waves to yield hydraulic pressure that produces electricity while exploiting the full potential of wave speed, height, depth, rise and fall, and currents beneath the surface of the water. Scientists from around the world claim that using 1% of wave energy can provide the equivalent electricity of 500 times the world energy consumption. Energy density in waves is high compared with other renewable energy sources such as wind power and solar power. Over a year, the energy output is approximately 3 times that of solar or wind technology.