Aberdeen International Inc. is pleased to announce the sale of its Progressus Clean Technologies Inc. shares to AmmPower Corp. as part of AmmPower’s acquisition of 50.05% of the issued and outstanding common shares of Progressus, a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies.
“AmmPower is a natural suitor for Progressus and we think that this transaction makes a lot of sense – it provides both AmmPower and Progressus with the right resources at the right time; it enables the companies to accelerate technology development and commercialization; and it creates a unique value proposition to customers. For Aberdeen, it enables us to have meaningful ongoing exposure to the growth upside from Progressus as well as new clean ammonia technologies being developed by AmmPower,” stated Mr. Younger, CEO of Aberdeen.
The combination of Progressus’ clean hydrogen technology – which is directly applicable to improving the efficiency of ammonia production through the extraction of hydrogen from dilute syngas – with AmmPower’s leading intellectual property and technology development capabilities in clean ammonia production, creates a significant platform for growth and an opportunity to unlock value for Aberdeen shareholders.
Under the terms of the Transaction, AmmPower acquired 25,000,000 shares of Progressus from Aberdeen in exchange for 41,254,125 common shares of AmmPower at a deemed price of C$0.30 per AmmPower share, representing C$12,376,238. The transaction results in Aberdeen holding 27.35% of the issued and outstanding shares of AmmPower.