Schmitt, Vanteck – VRB Announce Joint Venture

Schmitt Industries, Inc. and Vanteck Technology Corp., through its 100 percent owned United States subsidiary VRB Power (U.S.) Inc. (Vanteck US) have entered into a Joint Venture Agreement to collaboratively integrate, manufacture, and market stationary applications of the VRBPower Battery System for the residential and light commercial markets using modules of 10 to 100kW.

Portland, Oregon – August 9, 2002 [] The goal of the joint venture will be to have a marketable product developed for sale by July, 2003. Schmitt and Vanteck US will each hold a 50 percent beneficial interest in the joint venture. The joint venture will have the right to make, use, sell and design and sell products in the NAFTA participating jurisdictions using Vanteck’s VRBPower System patented technologies. Schmitt will contribute to the joint venture its existing and future controller technology, manufacturing know-how, the utilization of electrical and manufacturing facilities in Portland, ISO 9001 certification, staff and capital as required during the term of the joint venture. “We look forward to working with Schmitt Industries, a leader in sophisticated electronic and precision equipment manufacturing, to bring the VRBPower System to residential customers,” said Donald Nicholson, President & CEO of Vanteck. “Small energy storage devices, used for residential applications, have the potential to reduce peak power demands for areas of the United States suffering from an energy shortfall.” “The VRB Power battery storage technology coupled with Schmitt developed microprocessor control units will provide the residential and light industrial markets with a true ‘plug in’ solution to serious energy and power line shortages. Schmitt is pleased to be involved with Vanteck in the forefront of this exciting new energy storage market,” said Wayne Case, President and CEO of Schmitt. (Nasdaq: SMIT)
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