Helix Wind, Corp. has signed a binding Letter of Intent (LOI) to acquire VENCO Power GmbH of Germany.
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The total purchase price of VENCO will depend on the value of the Euro at closing and will range from € 2.75 million to € 3 million in cash and restricted common stock of Helix Wind, Corp. The acquisition of VENCO will broaden the product portfolio of Helix Wind by providing 3 additional small wind turbines to complement Helix Wind’s existing vertical axis solutions. Helix Wind will now offer two technology types of vertical axis wind turbines, Savonius and Darrieus, which complement each other for different types of vertical market solutions. Helix Wind will start selling the D100, D361, and D15000 models from VENCO immediately. The acquisition will occur when, among other conditions, Helix Wind obtains audited financial statements of VENCO Power as required by SEC rules.
