Lomiko Metals – News on Promethieus and SHD Devices
We haven’t really updated anyone on Promethieus and SHD for a while. Most of the development news on our technology side goes back to 2017 and 2018 – please have a look through our news releases to follow the progress of the companies. Powerpoints are attached for Promethieus and Lomiko.
We are planning this news for tomorrow morning. – this is just pre-emptive a send-out for our group of consultants to understand the news.
For some of our newer followers and shareholders – there will be an article to explain this in July/August after the PEA (which is due very soon!)
Although the time limit has run out on the transaction as of June 30th, it is a ‘Force Majeure situation due to COVID 19 and we will be renewing the agreement and re-submitting to the shareholders at the AGM for approval.
The good news is that SHD has had their patent published to it is now ready to be funded by Promethieus and there will no hurdles to SHD doing licensing agreements and/or doing development when Promethieus gets funding. Promethieus will raise $ 5 million USD.
How does that affect Lomiko? Lomiko owns 20% of Promethieus shares and receives $ 1.4 million from the transaction. This will be a great non-dilutive injection of cash.
SUBSIDIARY SHD SMART HOME DEVICES LTD AWARDED NEW US PATENT APPROVAL FOR (IOT) POWER HUB RECEPTACLE
Vancouver, B.C June 2, 2021 Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) entered into an agreement to sell it’s 100% interest in Lomiko Technologies Inc. to Promethieus Technologies Inc. (Canada) for $ 1,236,625 on August 6, 2020 in return for a 20% equity participation in Promethieus Technologies NV which is listing on the Dutch Caribbean Exchange. Further, Lomiko will be reimbursed $ 152,858 in expenses paid by Lomiko on behalf of Promethieus Tech. Lomiko Technologies Inc. is the owner of 18.15% of SHD Smart Home Devices Ltd. (www.shddevices.com) and 40% of Graphene Energy Storage Devices. The transaction was due to complete by June 30, 2021 but that target date has not been met. A new resolution to extend the time frame of the sale will be presented to the next Annual General Meeting.
One of the major investments of Promethieus Technologies upon listing will be SHD Smart Home Devices (www.shddevices.com). SHD has been awarded a new patent from the United States Patent and Trademark Office (https://www.uspto.gov/) for its IoT Power Hub wall mount receptacle. This is an excellent development for SHD which opens up licensing. SHD continues to investigate manufacturing and complete Underwriters Laboratory (UL) certification for the product.
Mobile phone manufacturers such as Samsung and Apple have already made the decision not to include charge adapters in the retail box with new phones. The patented IoT Power Hub has 6 USB charge points and 2 traditional plug outlets, providing capability to charge up to 8 electronic devices from one receptacle. Furthermore, the patented design has the USB ports situated on the sides of the device allowing all USB outlets to be used simultaneously without obstructing the plug outlets. This is a problem that many competing options with front mount USB outlets face. The devices also greatly reduces the wasted energy from over-heated power-converters created from less than optimal chargers. SHD is a company jointly launched by Lomiko Technologies and MegaHertz Power Systems Ltd. February 16, 2016, focused on Internet of Things (IoT) devices and EV charging solutions. SHD will continue to execute on its plans to develop, contract manufacture, distribute and sell its Chargers and related devices.
“SHD has an incredible opportunity to participate in a burgeoning IoT and Smart Device market.”, stated A. Paul Gill, CEO., “Major companies such as Leviton, Legrand, Pass and Seymour and others have recognized this new market and have launched similar devices.”
There are currently 130 million established households in North America and a healthy seasonally adjusted annualized rate of 1.3 million housing starts. In addition, offices, hotels and coffee shops are also potential markets for USB charging devices. If only one or two USB charging devices are installed in new homes and retro-fitted into current homes undergoing renovations, there will be a healthy demand for these IoT products. SHD plans to enter into negotiations with IoT distributors to sell the IoT power outlets and other related devices in North American markets. Lomiko will share its network of industry connections to help grow the venture and then enjoy the SHD equity multiplier without being burdened with any engineering, new product development, IP or associated marketing costs as the IoT power outlet and additional suite of IoT products are rolled out.
For more information on Lomiko Metals, review the website at www.lomiko.com, contact A. Paul Gill at 604-729-5312 or email: [email protected].
On Behalf of the Board
“A. Paul Gill”
Chief Executive Officer
We seek safe harbor.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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