Monday, 27 September 2010 09:19 AM
(Vancouver) LOMIKO METALS INC. (TSX-V:LMR, OTCQX: LMRMF, Europe: ISIN: CA54163Q1028, WKN: A0Q9W7,) announces it has signed an Letter of Intent Agreement to purchase a significant ownership stake in Mobile Power Corp., a US-based designer and manufacturer of patent-pending lithium power packs for charging cell phones and other devices sold under the brand name GoCharger®. Most cell phones require recharging daily from a standard wall-plug charger or an adaptor for use in a vehicle. At present, over 4.6 billion cell phones are in use worldwide with 2.5 billion phones being used in developing nations alone. Energy hungry phones that drain their batteries rapidly are now a major problem for most users worldwide. Currently, users have no other option than the wall or car outlets. The GoCharger® product line seeks to provide an easy to use, portable solution which addresses this problem.
“The GoCharger® is a next generation device that will compete with products now under development by battery industry leaders such as Energizer and Duracell which have been testing the market with similar devices.”, stated A. Paul Gill, Lomiko CEO, “Reducing the size of the GoCharger® using high density lithium polymer batteries and increasing the reliability using miniaturized, programmable circuit boards is key to addressing the power needs of the smart phone market globally.”
Upon completion of a 90 day due diligence period, Lomiko will pay $ 50,000 Cdn for 5% of outstanding shares of Mobile Power Corp. 180 days from the completion of 90 day due diligence period and satisfactory delivery of a working proto-type of the GoCharger®, Lomiko will pay $ 225,000 Cdn to the Vendor for an additional 7.5% of outstanding shares of Mobile Corp. 360 days from the completion of the LOI, Lomiko will pay $ 225,000 Cdn to the Vendor for an additional 7.5% of the outstanding shares of Mobile Power Corp. In addition, Lomiko will receive a Right of First Refusal (ROFR) on any shares to be issued or sold Mobile Power Corp.
BACKGROUND
Lomiko Metals Inc. is a Canadian-based junior company with the objective of increasing shareholder value through the acquisition and exploration of high quality mining projects and development into a fully integrated battery supplier. Lomiko is currently exploring for salt brines that contain lithium, sodium, sulfate, chloride and potash in salt lakes or salars. Lomiko's growth strategy is to become a fully integrated supplier of lithium ion and lithium polymer batteries. The potential for partnership in creating rechargeable lithium batteries to replace current polluting methods of energy is excellent in the newly developing electric car industry. Interest in lithium and lithium batteries is growing exponentially. The Company is committed to its development program and in showing corporate social and environmental stewardship in the arena.
For more information, please contact Paul Gill at 604-729-5312, email: [email protected] or refer to the website at: www.lomiko.com
On behalf of Lomiko Metals Inc.
Signed: “A. Paul Gill”
A. Paul Gill, President & CEO
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.