Terra Inventions Corp (OTCBB: TERX), winner of the 2010 X-Prize, certified with highest efficiency and most aerodynamic vehicle in the world, is proud to announce the technology licensed to Lithium Electric Vehicle Corp. (LEVC), a Canadian company, will qualify for government incentives on both the national and provincial levels for future technological development/advancement of all-electric vehicle propulsion technology in Canada.
The Canadian Scientific Research & Experimental Development (SR&ED) program is one of the most beneficial and most generous R&D incentive programs in the world. Under the SR&ED program, Canadian companies can receive up to 41.5% of their R&D expenses reimbursed through the federal and provincial governments. SR&ED refunds are often reinvested to hire more staff, and to develop new and innovative products, in order to maintain a competitive advantage in the Canadian economy.
In addition to the SR&ED program, other active incentive programs such as the: Green Technologies Demonstration Program (Technoclimat) provides grants or loans for the demonstration of technologies that can reduce greenhouse gas emissions. All of the lithium-ion powered vehicles achieve this goal. The program can also be used by firms that have licensed technology developed by a Qubec institution. Technoclimat works to support the development of technologies that limit or reduce greenhouse gas emissions by improving energy efficiency so as to reduce the consumption of fossil fuels, replacing fuels and fossil fuels with renewable energy and contributing to the development of Qubec businesses and the creation of green technology jobs.
Terra Inventions entered into a Licensing Agreement with Lithium Electric Vehicle Corp. (LEVC); a Canadian company, that makes Terra Invention's Research and Development and technology for lithium ion powered, all-electric vehicles available to LEVC for further technological development, paving the way for the company to continue as the world's leader in the development of all-electric lithium ion powered vehicles. Future technological developments will be performed in Canada by LEVC with Terra Inventions having access to such advancements at any time providing both parties agree to a fair price for such future advancements.
About Terra Inventions Corp.: (OTCBB: TERX), Incorporated in 2000, Terra Inventions is a pioneer in the advanced development of lithium ion battery technology and is poised for significant growth moving forward. Having recently celebrated the 5 year anniversary of the first ever retail delivery in 2007, of the first completely electric, lithium ion powered car in the world, through a "Once in a Lifetime" program offered by Sam's Club and NASA Terra Inventions stands as the world's leader in all-electric, lithium ion powered automobiles.
The company has over ten years' experience and expertise in the conversion of internal combustion cars to all electric for individual and corporate customers as well as government agencies such as NASA. Terra Inventions has converted PT Cruisers, Mini Coopers, Toyota Yaris', Pontiac Vibes, trucks, and motorcycles. The company's customer base extends to other countries including Canada, the Netherlands, and the United Arab Emirates.
Along with the development and manufacturing of the INIZIO and the WAVE II, both vehicles built from the ground up, the company licenses its proprietary Battery Management System (BMS) and technology to automobile manufactures seeking to advance their electric vehicle offerings.
Terra is a proven leader in developing the highest efficiency as well as most aerodynamic electric vehicles in the world. In 2010 Terra Inventions won the Progressive Automotive X-Prize Side by Side Class with the WAVE II for having the highest efficiency MPGE, and the results being certified by the Argonne National Laboratory.
Terra continues to lead the industry in delivering the highest efficiency for electric vehicles.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ.
SOURCE: Terra Inventions Corp.