Worcester, Massachusetts--(Newsfile Corp. - June 28, 2024) - Mass Megawatts (OTC Pink: MMMW) announces that all parties of the debt related to four debt agreements have agreed to cancel the debt without any issuance of stock or other debt. In addition, stock option agreements related to the conversion of the debt to stock at fixed prices between 0.4 cents and 0.72 cents were also cancelled. The potential issuance of 39,725,000 shares was avoided. The company currently has only 178,514,579 shares outstanding and a market capitalization of $760,000. As of today, Mass Megawatts only has $150,000 accounts payable related debt remaining and no stock options outstanding. The potential for stock dilution with derivatives was eliminated. Since the debt holder is a shareholder, everyone benefits from eliminating those obstacles toward creating value and improving the long-term goals for Mass Megawatts.
On July 11, Mass Megawatts will announce details of a new solar photovoltaic concentration innovation that improves output for stationary solar projects without the need of a tracker or any moving parts. The improvement will generate more than 2.5 times the power output for very little additional cost in comparison to similar solar panels without the modifications. A major benefit of the innovation is the reduced obstacles to production and customer acceptance. The need to have multiple bearings, new software, tracker motors, and moving platforms reduced the interest in the trackers for potential customers. The elimination of the debt and stock options will benefit the company's ability to finance, produce and sell the new product.
In the past, other products including the solar tracker shown in a video on our web site www.massmegawatts.com, were introduced that may take several years before commercialization unlike the new stationary concentrator being announced in July which can be produced and sold immediately. Mass Megawatts announced improvements toward cost reductions using the patent pending cost cutting concentrated solar power technology. We have two patent pending versions of concentrated solar technology. One is related to additional output for photovoltaic cells and the other is related to concentration of heat to operate a new and improved patent pending Sterling engine to produce electricity.
The Concentrated Solar Sterling Engine innovation brings the best substantial cost saving improvements toward delivering solar generated electricity. The unique cost competitive solar concentration section using low-cost material generally used by canvas buildings are placed onto of the solar tracker platform works well with our solar tracker. It helps concentrate the solar rays onto the heat piston section of the Sterling Engine. The low-cost canvas material is already approved by structural engineers for buildings with the canvas like material having an expected life of 30 years,
In addition to the low-cost concentrator, the improved Sterling engine reduces the mechanical issues related to pistons and its applications. In the heat displacer and piston, a rectangular extension with the four walls comprises rollers to avoid the need for precision and avoid friction when the parts are moving. The cost reduction related to robust simplicity also reduces long term maintenance issues related to traditional piston technology.
Traditional Sterling engine pistons have a high service cost related to the harsh conditions the piston rings must endure. There is high temperature and high sliding velocities which can cause excessive wear and tear. As a result, short replacement intervals of piston rings and sometimes cylinders may be needed to maintain high efficiency. The innovation is a low-cost method to increase the replacement interval and reduce the service cost. The rectangular extension supports the piston during its mechanical process involving high temperatures, high sliding velocities and the non-lubricated operation related to the pistons. The addition to the reinforcement rectangular extension method also reduces unwanted spikes in temperature and friction which causes an acceleration of piston related wear and tear.
The several new technologies are important additions and applications of its patent pending solar tracker. A video on the home page of www.massmegawatts.com summarizes the patent pending solar tracker.
The company's Solar Tracking System (STS) is a new patent pending product that significantly reduces the payback period for solar power investments. It is designed to automatically adjust the position of solar panels to directly face the sun as it travels from East to West throughout the day. Unlike other solar tracking technologies, the Mass Megawatts Solar Tracker utilizes a low-cost framework that adds stability to the overall system, while improving energy production levels.
This press release contains forward-looking statements that could be affected by risks and uncertainties. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power (MMMW), also known as Mass Megawatts Windpower, to achieve or maintain necessary zoning approvals with respect to the location of its power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power (MMMW).
Contact:
info@massmegawatts.com
www.massmegawatts.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214776
SOURCE: Mass Megawatts Wind Power, Inc.
