Daymak has signed a partnership agreement with Extreme Vehicle Battery Technologies.
Extreme Vehicle Battery Technologies is a blockchain and battery technology company with Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the EV and Energy Storage Solution (ESS) markets.
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“We are honoured to be working with the [number] 1 distributor in Canada,” said Extreme Vehicle Battery Technologies CEO, Bryson Goodwin. “Daymak has a great line up of products and the synergies between our technologies will work extremely well in powering present and future products together.”
The deal is effective immediately and has a term of five years, with an automatic renewal for one-year terms. EV Battery Tech’s products are expected to be incorporated into Daymak’s product line at some point in late Q2 this year.
While the agreement’s intention is for EV Battery Tech to be the exclusive provider of batteries and battery packs, Daymak has the right to seek an alternative quote if Daymak and EV Battery tech cannot agree on commercial terms. However, EV Battery Tech will still have the right of first refusal to match the commercial terms of any competing bid for the supply of such systems.
As per the terms of the agreement, Daymak will issue the option to purchase 360,000 common shares in the capital of Daymak to EV Battery Tech’s wholly-owned subsidiary, IoniX Pro Battery Technologies at an exercise price of US$5.56 per share. Further to the terms of the agreement, the company will issue Daymak warrants to purchase 10,000,000 common shares of the company at an exercise price of US$0.20 per share, subject to a vesting schedule and compliance and rules and policies of the Canadian Securities Exchange.
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By GlobalDataDaymak is actively looking for a Special Purpose Acquisition Company to become a public company to complete the Daymak Avvenire series of products.
