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China Nuvo Solar Provides Update on Freya Acquisition

China Nuvo Solar Energy, Inc. (OTCQB: CNUV) updated its progress with the previously announced Freya Energy, Inc. acquisition. The Company anticipates that it will execute a definitive agreement within the next two weeks. The parties had original targeted completion of the definitive agreement within 60 days, however, the Letter of Intent called for a period of up to 90 days.

Because of various delays in completion of due diligence resulting from the complex technology involved and the concomitant preparation of legal documentation, the previously announced sixty day period has been extended for approximately two weeks, but well within the agreed upon 90-day period.

Freya is a producer of safe large format lithium ion cells and batteries for demanding applications. Freya believes its proprietary separator provides greater safety than competitive products and provides a higher energy density than others on the market.

Freya’s technology is protected by patent filings, ready for manufacture without the need for additional research and development. Freya has developed a commercialization plan for rapid market entry. Its personal relationships with known and established customers position the company for timely sales in the United States and Europe. Subject to initial funding and satisfactory prototypes, Freya has millions of dollars in letters of intent that can be converted to purchase orders.

Freya has an experienced management and technical team led by well respected innovators in battery technology. China Nuvo Solar Energy, Inc. is a development stage company that owns unique patent pending solar energy and photovoltaic related technology. The Company’s business model includes a roll-up strategy of clean energy companies and intellectual property within the renewable energy sector.