from brainbusterWhat we don’t appear to have is a value for the...

from brainbuster

What we don’t appear to have is a value for the use of Pinnacle’s technology by VRB Power from the date VRB Power became the parent company.

Over a period of time the Canadian Directors of Pinnacle by representing the majority of Directors on the Pinnacle Board and as a Licencee, have presumably been given access to every detail involving the technology which it has used to further its own ends outside its Licence Agreements.

If we look at the progress VRB Power has made over the past 18 months in stitching up agreements with different corporations, it is obvious it had a plan from the start. That plan was to gain the patents to satisfy North American investors and to keep on going back into the market for more capital while leaving its subsidiary neutered. And look at the relative positions now of VRB Power versus Pinnacle.

Pinnacle Directors past and present have never explained why VRB Power with the authority only for the African continent and a site specific licence was allowed, indeed perhaps even encouraged or pushed, to assume “ownership” while supposedly, as parent, acting as the guardian of Pinnacle minority shareholders.

That guardianship has never existed – we don’t know the extent of the abuse the subsidiary has suffered as a consequence AND CAN IT BE VALUED?

We might never find out unless some law and order is introduced into the equation.

One should also ask the question - from what position have both parties negotiated?

On one side - the foreign domination of the technology, majority Board representation on the subsidiary, raising of capital on the strength of the Vanadium Battery technology, major contracts for R&D and manufacturing and even indirect Government subsidies etc etc.

On the other side – a subsidiary unable to act as its own entity, unable to forge appropriate relationships with other companies, unable to access Australian Government funding and no management team. How desperate!

I urge any PCE shareholder with a view on any issue relative to this and other matters prejudicial to their interests as a Pinnacle shareholder, to write to ASIC IMMEDIATELY.

Register your concerns about:

- the Australian technology loss over time with no benefits to Pinnacle shareholders

- the actions of the parent company and PCE Directors.

The AGM will not suffice to get the accountability for the injustices we have had
to put up with for the past 2 years and more.

The window of opportunity to write to ASIC is probably limited to the next few days.


BRAINBUSTER