KMT Global Holdings, Inc. Announces Change in Control
NEVADA, Feb. 15, 2017
NEVADA, Feb. 15, 2017 /PRNewswire/ – KMT Global Holdings Inc. (OTC: KMTG) (“KMTG”) announces that on February15, 2017, our majority shareholder, KMT Group Resources Corp., transferred 175,300,000 shares of KMTG common stock to Dr. Xianguo Li in exchange for 10 shares of common stock in StarPower ON Systems Inc. (“StarPower”). As a result of the transaction, a change in control of KMTG has occurred. Dr. Li now owns 50.1% of KMTG’s issued and outstanding stock.
The exchange transaction and change in control is an initial step in a series of transactions KMTG and KMT Group Resources Corp. plan to undertake in order to acquire StarPower. KMTG has not yet entered into any such transaction, as the parties are still in negotiations. However, KMTG hopes to have more information on an acquisition in the coming weeks.
About StarPower ON Systems Inc.
StarPower is in the business of developing, marketing and selling a proprietary fuel cell technology for various applications.
Fuel cells cleanly and efficiently convert chemical energy from hydrogen-rich fuels into electrical energy and usable high quality heat in an electrochemical process that is virtually absent of pollutants. Similar to a battery, a fuel cell is comprised of many individual cells that are grouped together to form a fuel cell stack. Each individual cell contains an anode, a cathode and an electrolyte layer. When a hydrogen-rich fuel such as clean natural gas or renewable biogas enters the fuel cell stack, it reacts electrochemically with oxygen (i.e. ambient air) to produce electric current, heat and water. While a typical battery has a fixed supply of energy, fuel cells continuously generate electricity as long as fuel is supplied.
KMTG believes that StarPower’s fuel cell technology is superior to existing products on the market because it costs less and it is more efficient in power. The fuel cell technology exceeds the current industry standards and will deliver significant advancements for various mobile and stationary applications, including electric buses.
The full cell technology is ready for commercial deployment. The fuel cells are currently being used in forklifts in warehouses for materials handling and as back-up power for data centers and many telephone switch boxes for satellite data centers. StarPower has demonstrated the fuel cell technology in transport buses for urban transportation. StarPower has not yet sold its fuel cell products, but intends to market and sell its fuel cell technology in China, and there are four cites in China that have expressed interest in the fuel cell technology for their public transportation needs.
About KMT Global Holdings, Inc.
KMT Global Holdings, Inc. is a Nevada corporation. KMT Global Holdings, Inc. invests, develops markets and assists emerging technologies in the commercialization process.
ON BEHALF OF THE BOARD:
President and Director
Telephone: (416) 417-4588
SAFE HARBOR STATEMENT
This release includes forward-looking statements, which are based on certain assumptions and reflect management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the Internet and e-commerce market; including the travel and research and development of technology moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE KMT Global Holdings Inc.