Press Release
Prudent Energy announces its assets acquisition of VRB Power Systems Inc
1/29/2009
Prudent Energy announces it has closed on its acquisition of the assets of VRB Power Systems Inc. ("VRB Power"), as approved in the British Columbia Supreme Court Canada, 29th January 2009. This brings the power of low cost manufacturing to the VRB Technology, which had been developed in Canada. Initially, the combined company will have offices in Vancouver and Beijing. The asset purchase includes all patents, trademarks, know-how, equipments and most of material owned or controlled by VRB Power. Additionally the core technical team of VRB Power will join the combined company. The North American operation will be called Prudent Energy International.
Prudent Energy brings an experienced entrepreneurial team, strong balance sheet and prestigious investors to the VRB industry. Draper Fisher Jurvetson (www.dfj.com) and DT Capital Partners (www.dtcap.com) are major institutional investors in Prudent Energy.
Johnson Yu, CEO Prudent Energy sees the acquisition as follows, "Our strategy is to improve on the efforts of VRB Power by reducing the costs of the technology and expanding its markets. Over the course of the next year we expect to see significant cost reductions and production enhancements. Prudent Energy has been fully committed to the VRB technology and this merger brings together the extensive efforts and successes of VRB Power with the cost reduction and manufacturing capabilities afforded in China. We also welcome the global talents joining the combined team," Mr. Yu added. For additional information contact Prudent Energy at+8610 5835 9000 or visit www.pdenergy.com