Representatives from Choongnam Marine Motor Co., Ltd.
Visited Powerzinc Electric (Shanghai), Inc.
=== Nov.28, 2003 ===

Choongnam Marine Motor Co., Ltd. located in Republic of Korea(ROK) is a major investor of Energine Corporation(www.energine.com) which has been developing compressed air engine and PHEV (Pneumatic Hybrid Electric Vehicle) and, concurrently, a dealer of boat¡¯s marine engine.

Choongnam Marine Motor is very interested in Powerzinc¡¯s zinc air fuel cell(ZAFC) and its relative products. Hope to use Powerzinc¡¯s ZAFC in their PHEV as the power source. Meanwhile, it also express the strong willing to distribute Powerzinc¡¯s ZAFC and iGo E-bikes in ROK. Therefore, Mr. Seong Cheol Shin (Executive Director) and Mr. Jeong Jong Lee (Engineering Director) Visited Powerzinc Electric (Shanghai), Inc. on Nov. 28 to discuss the details.

After one day¡¯s discussion, both parties reach the following Memorandum of Understanding (MOU):

(1) Choongnam Marine Motor understands that Powerzinc¡¯s ZAFC is the only commercial power source which can provide the high energy, high current and long service life with the light weight and small size. Choongnam Marine Motor desires to purchase and evaluate Powerzinc¡¯s ZAFC samples for their PHEV application.
(2) Choongnam Marine Motor desires to supply Powerzinc¡¯s DQFC zinc air fuel cells to both car manufacturers and other related firms in ROK.
(3) Choongnam Marine Motor desires to be a distributor of Powerzinc¡¯s goods for resale for a trial exclusive period in ROK.
(4) Powerzinc would consider to release abovementioned appointment.
(5) Choongnam Marine Motor will open at least 50 retail shops-refuel stations in the first performing year in ROK and 220 in number afterwards.
(6) Considering the necessity to have a regeneration plant in ROK for abovementioned distribution business, the parties intend to form a cooperation to build up, operate, and manage such a plant.

 


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