(GlobeNewswire) - MITU Resources Inc. (MTUU or the Company) (OTC PINK: MTUU), is pleased to announce that the Company has entered into an Exclusive License and Distribution Agreement (License Agreement) with HeadWind Technologies Ltd. (HeadWind) to acquire various rights related to WindShark, a novel self-starting vertical axis wind turbine.
Pursuant to the terms of the February 7, 2018, License Agreement, MTUU acquired the rights to further develop, commercialize, market and distribute certain proprietary inventions and know-how related to WindShark. The rights acquired give the Company world-wide exclusivity (excluding Canada) to distribute the WindShark. In exchange for these rights, MTUU and HeadWind have agreed to a licensee fee of $400,000, paid to HeadWind in three tranches over 45 days from closing, and a continuing royalty equal to three percent (3%) of gross sales.Following the acquisition, the Company anticipates filing a request with FINRA to facilitate a corporate name change to WindShark Energy Inc. to better reflect the new business of the Company.
WindShark is a proprietary vertical axis windmill with three curved helical blades that capture airflow from any wind direction.The WindSharks innovative design was inspired by sacred geometry and the operational dynamics of a sharks gills which addresses several limiting factors related to wind turbines; namely that large wind turbines are costly and expensive to maintain; and that existing micro-scale wind turbine technologies dont produce power at wind speeds below 7 mph, and dont hit peak power until over 30 mph.The high efficiency of the complex and scalable WindShark turbine blade shape achieves start up at wind speeds below 2 mph and reaches peak efficiencies between 6 to 10 mph.The WindShark is also relatively quiet and spins at a slower rate which is safer for birds and bats.
Due to its ability to harvest energy from lower speed winds, the wind tunnel tested WindShark can deploy economically as much as three times more than that of conventional small wind turbines.In preparation for commercial launch, late-stage WindShark prototypes have been 3-D printed and rotomolded, with injection molding being considered for future large-scale production.
Mr. Simeon Leonardo Reyes Francisco, CEO of MITU Resources, commented, We are thrilled to be in a position to leverage the unique potential of the innovative WindShark micro wind turbine technologies.With a compact design factor that harnesses the operational dynamics of a sharks gills to create reliable and safe power, WindShark could be ideal for numerous untapped applications, particularly in projects with lower peak energy consumption and in areas with low wind speeds that have not previously been ideal for wind and wind power generation.
One of the most exciting opportunities for applying WindSharks technology is in Californias emerging regulated cannabis market place where indoor growers must comply with environmental laws regarding renewable energy sources.WindShark can help to achieve this and dramatically lower the cost of running a greenhouse or indoor grow facility.We believe there is huge potential to deploy the WindShark throughout California and other states where cannabis has become legal, offering substantial savings to the grower.
For additional information regarding WindShark Energy, visitwww.mituresources.com.
About MITU Resources Inc.
MITU Resources Inc. (OTC Pink: MTUU) is a publicly traded wind energy technology company.The Companys licensed WindShark vertical axis wind turbines are ideally suited for populated and low-wind environments as a stand-alone solution or in conjunction with other renewable or traditional power sources.The Company files periodic reports with the Securities and Exchange Commission, which can be viewed atwww.sec.gov.
FORWARD LOOKING STATEMENT
This news release includes forward-looking statements that reflect MITU Resources Inc. current expectations about its future results, performance, prospects and MITU Resources Inc. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause the Company`s actual results, performance, prospects of opportunities for the remainder of 2018 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements.
MITU Resources Inc.
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