The Board of Directors of Solanex Management Inc. today announced an update in regard to the development of its Joint Venture announced on August 25 2009. The company was pleased to announce that negotiations have been completed for the Joint Venture (JV) with Geo Finance Corporation and all documents, incorporation of the Limited Liability Corporation and all necessary operating agreements will be completed by the end of this month in advance of the stated “Negotiation Period”.
According to the press release, GeoFinance Corporation has informed Solanex that it has presented an Expression of Interest to provide financing and monitoring for the installation of a geo-exchange collection field in Ontario, Canada.
As defined in the feasibility/engineering study, the details of the project call for the provision of heat, hot water and air-conditioning for up to 540,000 square feet of residential, municipal arena and retirement facilities at a cost estimated to be approximately $4.5 million.
As previously described in the August release, the JV 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. According to the terms of the Memorandum of Understanding, the JV will be 51% owned by Solanex and 49% by Geo Finance Corporation.
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