QS Energy, Inc. (OTCMKTS:QSEP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement
On November 28, 2016, QS Energy, Inc. (the Company) entered into
a Field Test Agreement (Agreement) with a large Canadian oil
company, located in Calgary, Alberta (COC). The Agreement
confirms COCs desire to field test (the Field Test) the Companys
AOT Viscosity Reduction System (the AOT Technology or AOT) at a
COC facility utilizing a fully functional laboratory-scale AOT
device (the AOT-Lab) to assess the technical capability of the
AOT Technology under field operating conditions. Toward this end,
the Agreement provides, among other things, that the Company
shall deliver and setup, and thereafter Field Test, the Companys
AOT-Lab equipment at a suitable location to be provided by COC
(the Services). The Field Test shall be conducted and completed
over a consecutive five (5) day period, by a date no later than
March 31, 2017. As compensation for the Companys Services, COC
has agreed to pay the Company a fixed sum of $50,000 (USD),
payable in two (2) equal installments of $25,000 (USD), each due
no later than 30 days from COCs receipt of the Companys invoice,
the first of which was issued by the Company upon execution of
the Agreement, and the second of which shall be issued upon
delivery of the Companys Final Report to COC. The Final Report
shall contain, among other things, the results of the Field Test,
including technical information and data related thereto,
preliminary specifications for a full-scale AOT configuration
optimized to pipeline operating parameters supplied by COC, and a
pro forma benefit analysis applying the Field Test results to the
Companys recommended AOT configuration and operating parameters
provided by COC.
The above description of the Agreement is qualified in its
entirety by reference to the Agreement, a copy of which is
attached hereto as Exhibit 10.1, and incorporated herein by
reference. The name of the COC has been redacted on
confidentiality grounds.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
The following exhibit is filed herewith:
| Exhibit Number | Description | |
| 10.1 | Field Test Agreement, in redacted form |
About QS Energy, Inc. (OTCMKTS:QSEP)
QS Energy, Inc., formerly Save The World Air, Inc., develops and commercializes energy efficiency technologies. The Company provides the energy industry with industrial equipment that are designed to deliver measurable performance improvements to crude oil pipelines. The Company’s primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. AOT is used to manage the energy efficiency of oil pipeline pump stations. The AOT product has transitioned from the research and development stage to initial commercial production for the midstream pipeline marketplace. QS Energy Pool, Inc., a subsidiary of the Company, serves as a vehicle for the Company to explore, review and consider acquisition opportunities. QS Energy, Inc. (OTCMKTS:QSEP) Recent Trading Information
QS Energy, Inc. (OTCMKTS:QSEP) closed its last trading session up +0.0170 at 0.0970 with shares trading hands.