Vancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - Stardust Solar Energy Inc. (TSXV: SUN) ("Stardust Solar" or the "Company"), a leading provider of residential solar energy solutions, is pleased to announce that it has entered into a settlement agreement dated November 26, 2024 (the "Settlement Agreement") with SinuSafe Medical Ltd. ("SinuSafe").
Pursuant to the Settlement Agreement, as full and final settlement of the amounts owed to the Company by SinuSafe under the Loan Agreement (as defined herein), SinuSafe agreed to pay to the Company the sum of $395,208 (the "Settlement Amount") within 45 days of the date on which the judgment for the Settlement Agreement becomes effective, and in any case by no later than December 31, 2024.
Within three business days of the Company's receipt of the Settlement Amount, the Company will submit a request for the removal of all the Company's liens, restrictions or similar encumbrances imposed on SinuSafe's patents or intellectual property.
Background
In March 2022, the Company (formerly Bold Capital Enterprises Ltd.) entered into an arm's length letter of intent with SinuSafe, pursuant to which the Company and SinuSafe intended to complete a transaction whereby the Company would acquire all of the issued and outstanding shares in the share capital of SinuSafe (the "Transaction"). In connection with the proposed Transaction, in May 2022, the Company executed a secured loan agreement (the "Loan Agreement") with SinuSafe pursuant to which it loaned SinuSafe the principal amount of $350,000. The loan is secured against the core assets of SinuSafe, namely its patent and patent applications, has a term of 12 months and bears interest at a rate of 5% payable at maturity.
In November 2022, the Company announced that the parties agreed to an extension for the negotiation and signature of a definitive agreement from October 31, 2022 to January 31, 2023.
On March 31, 2023, the Company announced that it decided not to grant any further extensions for the consummation of the Transaction and, unfortunately, the proposed Transaction lapsed. As a consequence of the termination of the proposed Transaction, the Company demanded that SinuSafe repay the secured loan in the principal amount of $350,000, as well as accrued and unpaid interest, the whole as contemplated in the Loan Agreement.
The Company, through its Israeli legal counsel, appeared before the Israeli court at the pre-hearing held on September 17, 2024 and which was scheduled to consider certain matters pertaining to the Company's proceedings against SinuSafe in respect of the amounts payable to the Company under the Loan Agreement.
The Company will provide such further updates regarding the status of its claims against SinuSafe as may be appropriate.
About Stardust Solar
Stardust is a North American franchisor of renewable energy installation services, including solar panels (PV), energy storage systems, and electric vehicle supply equipment. Stardust lends its brand and business management services to entrepreneurs looking to enter the renewable energy industry. Stardust franchisees install and maintain clean energy systems for residential and commercial purposes. As a franchisor, Stardust supplies its franchisees with the following products: solar PV equipment, energy storage equipment, and electric vehicle supply equipment. In addition, Stardust supports its franchisees with many services from corporate headquarters, including marketing, sales, engineering, plan sets, customer service, and project management.
Media and Investor Contacts:
Mark Tadros Chief Executive Officer, Chairman and Director
For further information or media requests, please contact: Glen Nelson, Investor Relations and Communications: glen@stardustsolar.com t: (403) 763-9797
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including statements relating to the Company's business plans and expected future growth, and the Company's ability to collect the Settlement Amount on the terms described herein or at all. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention. It assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
