MIDWEST ENERGY EMISSIONS CORP. (OTCMKTS:MEEC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On April 24, 2017, Midwest Energy Emissions Corp. (the Company)
closed on the acquisition of all patents rights, including all
patents and patents pending, domestic and foreign (the Patent
Rights), relating to the Companys core mercury control patented
technology, which Patent Rights were acquired from the Energy
Environmental Research Center Foundation, a North Dakota
nonprofit entity located in Grand Forks, North Dakota (EERCF).
Since 2009, the Company and its predecessor has maintained an
exclusive, worldwide license with respect to such technology
related to the Patent Rights to an Exclusive Patent and Know-How
License Agreement Including Transfer of Ownership, as amended,
entered into with EERCF on January 15, 2009 (the License
Agreement) under which the Company has been required to pay to
EERCF monthly license maintenance fees and annual running
royalties on operational systems of the Company.
In accordance with the terms of the License Agreement, the Patent
Rights were acquired for the purchase price of (i) $2,500,000 in
cash, and (ii) 925,000 shares of common stock of the Company, of
which 628,998 shares will be issued to EERCF and 296,002 will be
issued to the inventors who have been designated by EERCF, such
shares to be issued within 30 days of closing.
As a result of the acquisition of the Patent Rights, no
additional monthly license maintenance fees and annual running
royalties shall be due and owing to EERCF following closing which
fees and royalties have now been eliminated.
The Company funded the acquisition with cash on hand, including a
portion of the net proceeds of its November 2016 private
placement offering of common stock.
Item 3.02 Unregistered Sales of Equity
Securities.
The information in Item 2.01 with respect to the issuance of
shares of common stock is incorporated by reference herein.
The foregoing securities are being issued in reliance upon the
exemption from registration to Section 4(a)(2) of the Securities
Act of 1933, as amended.
About MIDWEST ENERGY EMISSIONS CORP. (OTCMKTS:MEEC)
Midwest Energy Emissions Corp. is an environmental services company. The Company is focused on mercury emission control technologies, primarily to utility and industrial coal-fired units. The Company’s business is focused on the delivery of mercury capture technologies to power plants in North America, Europe and Asia. The Company develops and deploys technologies to remove mercury emissions from coal-fired power plants. The Company’s customer contracts include designing and installing front-end injection equipment for injection of its front-end product, and in some cases include installation of an additional back-end sorbent injection system. MES, Inc. is a subsidiary of the Company and is engaged in the business of developing and commercializing control technologies relating to the capture and control of mercury emissions from coal fired boilers in the United States and Canada. MIDWEST ENERGY EMISSIONS CORP. (OTCMKTS:MEEC) Recent Trading Information
MIDWEST ENERGY EMISSIONS CORP. (OTCMKTS:MEEC) closed its last trading session up +0.009 at 0.970 with 33,900 shares trading hands.
