Nearly a week after announcing about the execution of an option agreement with Nevada Corporation, Alexandria Advantage Warranty Co (OTCMKTS:AAWC) has come up with more details about the same. It said that the both the companies have agreed to complete the acquisition as per the original letter of intent, which had earlier expired. The company briefed that the agreement required it to make cash payments within the prescribed time so as to facilitate Nevada Corporation to start its next phase of development.
Details about the agreement
Alexandria Advantage Warranty Co (OTCMKTS:AAWC) said that it has already made an initial amount of payment to the Nevada corporation. Further, the company’s CEO, Jay Pignatello revealed more details about the engine technology, which the company intends to finalize the agreement. After flooded with a number of queries, Pignatello disclosed that the product is a prototype four-stroke engine, which is opposed to internal combustion engine (ICEs). There are no other such four-stock opposed ICEs, according to Pignatello. He is confident that the engine and its technology will be a game changer in the engine industry.
Reaction to disclosure
Further, Pignatello disclosed that the engine is lightweight, while its size could be scaled up to suit multiple needs such as that of motorcycles, lawn mowers, cars or other heavy machinery. He said that the engine has multiple efficiencies and worth taking. As Alexandria Advantage Warranty Co (OTCMKTS:AAWC) disclosed the details about the technology, its stock showed investors’ interest. The shares of the company rose by more than 5% to $0.152 during the after hours.
The company’s disclosure of the agreement could be seen as its attempt to put a break on freefall of its share prices. This could be evidenced from the stock that remained in red by over 11.50% to $0.145 prior to the company’s announcement.
Alexandria Advantage Warranty Co (OTCMKTS:AAWC) closed at $0.145 in its last trading session.