Direction Technologies Option to Acquire 49% of Alternate Energy
7 September 2000
Direction Technologies Obtains Option to Acquire 49% of Alternate Energy Development Corp.BLAINE, Wash., Sept. 6 Direction Technologies, Inc. (OTC Bulletin Board: DRCG) is a fully reporting publicly trading Nevada corporation listed on the OTC Bulletin Board under the symbol DRCG, with registered offices in Blaine, WA and operations offices in Vancouver, BC Canada and Randburg, South Africa. The Company objective is to procure and advance "high tech" intellectual prospects for development to marketing stage. Direction Technologies, Inc. (DRCG OTC BB) through its Electric Car Division has obtained an option to acquire 49% of Alternate Energy Development Corp., an unlisted public company in South Africa dedicated to developing and marketing alternate energy projects for mobile and stationary applications. The majority interest will be held by members affiliated with Eskom of South Africa, which is the fourth largest power utility in the world and ISCOR, a large South African mining company in addition to a South African Investment Fund. In order to qualify for government funding and tax concessions, the majority interest in Alternate Energy must be held by South African interests. Direction Technologies would make available its electric vehicle technology as well as its demonstration vehicles. Initial funding of up to one and a half million USD will be provided by the affiliates of Eskom, Iscor, the South African Investment Fund, as well as the South African government Department of Industrial Development. Last week Direction Technologies announced a definitive agreement to acquire Allwest Systems, a high tech fire and security firm with a gross revenue of $11 Million.