Saxon Capital Group Inc. and Saf-Glas LLC have signed an settlement whereby Saxon Capital Group acquired unique worldwide rights to fabricate and promote EnergyGlass Architectural Glass merchandise, which can be utilized for buildings, greenhouses, properties and extra. The settlement for worldwide exclusivity offers SAF-Glas LLC’s administration controlling curiosity of Saxon Capital. As well as, Saxon acquired sure specialised “nanotech” tools which is used within the manufacture of EnergyGlass merchandise.
Saxon plans to alter the company identify to Vitality Glass Photo voltaic, topic to shareholder and FINRA clearance. In consideration for the unique worldwide license and switch of specialised tools, Saxon forgave $535,000 in indebtedness owing to it by Saf-Glas and issued Saf-Glas 30 million shares of Saxon, a controlling curiosity.
A brand new administration group and board of administrators shall be introduced shortly. As a part of the settlement, Saxon is obligated to buy the EnergyGlass Architectural Glass Merchandise patented know-how upon the extra elevate of $10 million, at which period Saf-Glas shall be issued further shares of Saxon such that it’ll personal 80% of the issued and excellent shares of Saxon, after giving impact to the foregoing transactions.
EnergyGlass is an alternate vitality, patented, optically clear electrical producing glass know-how that produces steady vitality from daylight and subtle and ambient gentle. EnergyGlass is just not an added price to a constructing venture as are different different renewables, based mostly on present pricing and after giving impact 30% Federal Funding Tax Credit score. EnergyGlass can be utilized with glass, polycarbonate and most plastics.
The good thing about large-scale set up of EnergyGlass merchandise is that it has the potential of remodeling mid- and high-rise buildings and greenhouses into vertical photo voltaic farms. EnergyGlass merchandise will also be utilized in residential properties, and each industrial and non-commercial autos. The set up of EnergyGlass is comparable in nature to set up of regular laminated glass. It will possibly incorporate many forms of completely different glass and makeups inclusive of tints, Low E, insulated, SAFGLAS IR movie, reflective, glass ceramic, and most different varieties and makeups.
As a part of the settlement, Saxon has signed an extra contract with Saf-Glas whereby Saf-Glas will manufacture the EnergyGlass merchandise for Saxon till such time as Saxon is ready to fund the acquisition of the mental property associated to the EnergyGlass architectural merchandise.