BIOSOLAR, INC. (OTCMKTS:BSRC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
As previously disclosed on a Current Report on Form 8-K, on August 23, 2016, BioSolar, Inc. (the “Company”) announced that the Company entered into a research agreement (the “Agreement”), effective August 17, 2016, with North Carolina Agricultural and Technical State University, a constituent member of the University of North Carolina system (the “University”). On September 11, 2017, the Company and the University extended the initial term of the Agreement for another twelve months, through September 11, 2018.
The Company shall continue to sponsor the University’s project which shall include the research, testing and evaluation of a proposal (the “Project”). Total costs to the Company for the extended term are not to exceed the sum of $159,610. The Agreement may be further extended upon mutual agreement by the parties and may be terminated upon terminated due to the inability of the principal investigator to continue the Project, and a mutually acceptable substitute is not available, or upon thirty (30) days prior written notice by either party to the other.
The foregoing summary of the terms of the Agreement are subject to, and qualified in its entirety by, such document attached hereto as Exhibit 10.1 and incorporated herein by reference.
On September 13, 2017, the Company issued a press release with respect to the foregoing. A copy of the press release is included hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
BioSolar Inc ExhibitEX-10.1 2 f8k091117ex10-1_biosolarinc.htm RESEARCH AGREEMENT DATED SEPTEMBER 11,…To view the full exhibit click
About BIOSOLAR, INC. (OTCMKTS:BSRC)
BioSolar, Inc. is engaged in developing technologies and materials for storing electrical energy produced by photovoltaic solar modules. The Company offers BioBacksheet, a green back sheet for photovoltaic solar panels. BioBacksheet is a bottom layer of the conventional photovoltaic panels that provides electrical insulation, protection from the environment, and an increase in the panel output. It also focuses on the development of polymer-based components for supercapacitors and batteries. It offers bio-based components for thermal and durability requirements of solar module manufacturing processes. It also offers multiple versions of its bio-based back sheet. The mono-layer BioBacksheet version is designed for conventional crystalline silicon (c-Si) solar modules, as well as for certain thin film solar modules. These back sheets are available in rolls of film for direct use in lamination and roll-to-roll assembly systems. It uses Nylon 11 in its BioBacksheet.