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Astra Energy, Inc. (OTCQB:ASRE), a company specializing in electric services, announced today that it has reached a settlement and stock redemption agreement with Holcomb Energy Systems LLC and HRE Scientific Holdings Ltd. This agreement, approved by Astra’s Board of Directors on Sunday, comes after a unanimous vote and outlines significant changes in the relationship between the entities.
Under the terms of the agreement, Holcomb will return 10 million restricted common shares of Astra, which will be duly endorsed for transfer back to the company. In exchange, Astra will transfer back its 50% stake in the joint venture Astra-Holcomb Energy Systems LLC to Holcomb and will relinquish exclusive global manufacturing and distribution rights to the In-Line Power Generator and the Self-Sustaining Power Plant covered by the patents.
Despite these changes, Astra retains an open license to manufacture and distribute the aforementioned technologies for its projects on a non-exclusive basis. The company will not pay an upfront license fee but will instead pay a 7.5% royalty and contribute 2.5% towards research and development of the wholesale cost of the equipment once installed and operational.
Astra Energy expressed confidence that the technology has the potential to significantly enhance the return on investment for its build-own-operate projects. The details of the agreement were disclosed in a recent 8-K filing with the Securities and Exchange Commission. This strategic move reflects Astra’s ongoing commitment to optimizing its business model and maximizing shareholder value.
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