Under the terms of the agreement, EGCP, through PPS, has acquired the licenses for cash payments that will total CDN $1,000,000 and for the issuance of 12,000,000 common shares of the company. The Master License grants the development and commercialization rights to a Flowing Electrolyte Direct Methanol Fuel Cell and it also provides for PPS to purchase all rights to the fuel cell technologies for a nominal price upon achievement of certain milestones and approvals.

John Davenport, EGCP president, stated, "This DMFC represents an exciting opportunity for our company and its shareholders. There is increasing demand for environmentally friendly alternative power systems. We believe that the Flowing Electrolyte DMFC is a very unique solution for a wide variety of uses and that the flat-plate rechargeable alkaline battery technology will be an effective and economical alternative to current battery technologies when used in fuel cell hybrid power systems."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on innovative strategies that directly respond to the most recent developments in the energy and technology sectors.