PowerVerde Enters Binding LOI to Acquire Cornerstone Conservation Group

PowerVerde, Inc. entered into a Binding Letter of Intent to acquire 100% of the membership interests in Cornerstone Conservation Group LLC from its individual sellers. The consideration includes 2.26 million shares of common stock and warrants. The deal is expected to close by December 31, 2011.

“On November 1, 2011, the Company entered into a Binding Letter of Intent for Acquisition (the “Letter of Intent”) with Bryce Johnson (“Johnson”), Paul Kelly (“Kelly”) and Vince Hils (“Hils”), each individuals (collectively, the “Sellers”). Pursuant to the Letter of Intent, the Company and Sellers agreed to enter into a definitive agreement within 60 days, pursuant to which the Sellers shall sell, assign and transfer to the Company 100% of the membership interests in Cornerstone Conservation Group LLC, an Arizona limited liability company (“Cornerstone”), free and clear of any and all liens, claims and encumbrances (the “Interests”).”

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