Harrison Vickers & Waterman Inc. Acquires Rights for A 20 MW Battery Energy Storage Project In Flemington NJ

WATERBURY, Conn., Jan. 9, 2019 /PRNewswire/ -- Harrison Vickers & Waterman (OTC PINK: HVCW) ("HVW" or "the Company"), provider of comprehensive one-stop solutions that address grid stability problems for grid operators, utilities, and commercial and industrial (C&I) customers, has executed a term sheet for the rights for development and investment ownership of 20 MW Flemington New Jersey battery energy storage system, Financial terms of the transaction were not disclosed. HVW expects to execute the definitive agreement within 10 days.   

HVW has been advised, acknowledges and understands that there is presently a litigation pending and ongoing between the members of the BESS project. It is further acknowledged by and between the parties that MSS Capital, LLC and NJ Battery Energy Storage Project 2, LLC, majority owners collectively of the Flemington BESS project, owns Series C Preferred shares in HVW.

Christopher C. Harrison, chief executive officer of Harrison Vickers & Waterman, said, "HVW continues to build its portfolio of energy storage projects in the United States. This is another significant step in our strategic plan to expand our reach into energy storage and leverage HVW's core capabilities in this growing market. We believe this project, and the Bloomsbury project along with our other exciting, dynamic, innovative initiatives, will escalate our growth over the next few years. The two projects are expected to generate average revenues of between $7 million and $8 million, mainly from ancillary services. The projects' revenues are based on spot prices and may vary from time to time.

About Harrison Vickers & Waterman

Harrison Vickers (HVW) offers a comprehensive one-stop solution to address grid stability problems in the energy market that takes advantage of the large and actively growing market opportunity for energy storage and demand management. HVW provides solutions to grid operators, utilities, and commercial and industrial (C&I) customers. Our focus is on renewable distributed energy resources (DER) and battery energy storage systems (BESS) for grid balancing services to the independent system operators (ISOs); load shifting for utilities, energy management through storage and standby generator input for C&I customers and micro grids for energy security. We plan to build, own or partner with third parties on energy related projects, partner with existing grid participants to take advantage of demand management programs, enter joint ventures and operate electric energy facilities to develop a portfolio of income producing projects.

Forward-Looking Statements

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  There can be no assurance that efforts to close the purchase of the Flemington, NJ site for 20 megawatts will be successful. There are numerous financing, regulatory and timing hurdles involved with any project, and HVW does not have its own capital necessary to satisfy the financing needs to complete these projects at this time and will have to obtain financing through third parties, of which there can be no assurance.  While any forward-looking statements represent our judgments and future concerning our business, several risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, the highly competitive landscape to source and locate energy management projects that will be economically viable, the high cost of purchasing battery equipment, and the risk that we may be unable to obtain necessary capital investment and financing to install energy storage systems and otherwise complete projects, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Harrison Vickers & Waterman Inc to be materially different from the statements made herein.

Contact Information:
Harrison Vickers & Waterman Inc.
Christopher C. Harrison, CEO
1669 Thamaston Avenue
Waterbury, CT 06704
860-453-2138
www.hvwenergy.com (under construction)

SOURCE Harrison, Vickers & Waterman Inc. (HVCW)