Solanex Management Inc. and Geo Finance Corporation jointly announced today that they have signed a Memorandum of Understanding (“MOU”) to form a Joint Venture. According to the terms of the MOU, Solanex will provide working capital to the Joint Venture and Geo Finance will provide its business models and full inclusion of its client lists, in addition to all sales and marketing IT of Geo Exchange renewable energy programs.
According to the press release, the Joint Venture will be established by means of a Limited Liability Company (LLC) under US Law, with its place of business being in the State of Nevada. The JV will be 51% owned by Solanex and 49% by Geo Finance. There is a 60 day “Negotiation Period” to formalize the MOU and a performance date of 90 days thereafter for Solanex to provide the required working capital of $500,000.00 for the JV.
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