Novagen Solar Inc. Continues Growth Through Product Development And Acquisitions
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SOURCE Novagen Solar Inc.
NEW YORK, March 20, 2013 /PRNewswire/ -- Since its beginnings as a company that focused on mineral exploration when it was founded in 2005, Novagen Solar Inc. has consistently evolved and grown. The firm, which is based in Australia and is expanding operations in the United States, was originally called Pickford Minerals Inc., changed its name to Novagen Solar Inc. in 2009 to reflect its emphasis on solar energy before new management took over in December 2011 and carved a niche in engine development.
Novagen (OTCQB: NOVZ) is experiencing growth under President and CEO Micheal Nugent, who invented the Novagen engine and is steering the company to cultivate a thriving engineering and manufacturing core in the development of products for commercialization in the areas of solar energy, bio fuels, low-carbon emission engines and other green technologies.
When Novagen expanded into engine development in 2011, it launched operations in Australia and has facilitated its growth there through acquisitions and the formation of wholly owned subsidiaries. Bolstered by this expansion, Novagen's team has expertise in engine development, sales and service; aerospace product development; oil exploration; and mining equipment and infrastructure product development, accounting and corporate management.
"We are increasing our capabilities by identifying local businesses that provide services that we previously did not offer," Nugent said. "This strategy helps us become more versatile and allows us to even more effectively achieve our commitment to making the world a better place through our technology."
In 2012, Novagen bought Renegade Engine Company Pty Ltd., a company that designs, develops and manufactures V-Twin motorcycle engines, custom motorcycles and related urban clothing under the Renegade brand.
Last year, Novagen also acquired Y Engine Developments Pty Ltd., which owns the rights and patentable rights to the opposing piston divaricate cylinder twin crank journal engine embodiment.
Earlier in March, Novagen announced the planned acquisition of Argon Aluminum and the planned addition of aircraft computerized hydraulic test station and associated intellectual property from Misal Technologies Pty Ltd of Victoria, Australia. The transactions reflect the aforementioned growth strategy.
Novagen is proposing to purchase Argon Aluminium through its wholly-owned subsidiary, Renegade Engine Company Pty Ltd from Newscope Enterprises Pty Ltd. Based in Tweed Heads, NSW, Australia, Argon Aluminum fabricates, manufactures and installs aluminium, stainless steel, steel and glass fabricated products. Since Argon Aluminium has a core business that focuses on balustrades, security fencing, industrial fabrication and bench work, there is significant synergy with Renegade Engine Company.
Argon supplies clients in the local domestic market as well as larger projects that involve builders and architects. The company has 12 employees (including an estimator, factory supervisor, project manager, tradespeople, administration staff members and apprentices) along with sub-contract installers.
Also under agreement for acquisition is the Misal Aircraft Computerized Hydraulic Test Stations. (ACHTS) are designed to test fixed hydraulic components like actuators, cylinder assemblies, hoses, manifolds and valves for civil and military aircraft, including the F-111 Fighter and the Collins Class Submarines. Misal has developed fixed hydraulic test stations that are used in hangers, manufacturing facilities and workshops.
Misal has also developed mobile hydraulic test stations. These stations are complete, compact, self-contained units intended for ground support use to rapidly and accurately test the performance and operating characteristics of aircraft hydraulic systems in the field.
"We continue to explore opportunities to expand our value engineering capabilities, and the acquisitions last year and this year represent our commitment to enhancing our scope of services," Nugent said. "Novagen will continue to match current operations with identified targets that further strengthen our product manufacturing and development."
About Novagen Solar Inc. Novagen Solar, Inc. (OTCQB: NOVZ) is engaged in the development and commercialization of low carbon emission engines and other clean technology solutions with a view to create technologies that improve efficiency and reduce levels of greenhouse emissions in a low-cost, globally relevant way. Novagen's operations are based in Queensland, Australia.
Safe Harbor Statement Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this paragraph and the risks and other factors detailed in Novagen's reports filed with the Securities and Exchange Commission. Novagen undertakes no duty to update these forward-looking statements.
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