February 19, 2020
VANCOUVER, CANADA – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) and partners
BattMat Technologies (BM) and Electric Blue Power (EBP) are excited to announce the formation of
BattMat USA Corp (BMUSA), in which Far now has a 26.1% shareholding. BMUSA is a Delaware
corporation that will advance and commercialize technologies that arise from the Far/BM/EBP joint
venture, commencing initially with the VAB Controller©, the first technology developed by Lee
Wheelbarger, EBP’s Chief Technology Officer. As reported, the VAB Controller© — a system for
managing batteries and other vehicle functions in cold and other challenging conditions, as well as
management of related vehicle data — is currently entering pre-commercial testing. The majority of funds
contributed to date by Far will be used for testing prototypes on a variety of vehicle types in various
weather and use case scenarios (see news dated January 22, 2020 and January 30, 2020).
Murray Seitz, Far’s Director of Strategy, explains: “We have been working closely with BattMat and
Electric Blue Power and their principals for several months in determining the optimal business structure
to develop the technologies funded by Far to commercialization. All three parties have agreed to the
formation of BMUSA as the appropriate vehicle. With early commercial success of the VAB Controller©,
the need for future funding may be decreased, while still allowing Far, through its ownership of BMUSA,
to receive the benefits of future products and projects based on its current ownership stake, without
necessitating its funding of a given future technology (subject to possible dilution in favour of third party
Through its investment of US$77,500, which has been used principally towards development of the VAB
Controller©, Far’s stake in BMUSA has been increased to 26.1%. Far has the first right to invest an
additional $121,500 to thereby increase its ownership and — and hence its share of all future revenues —
to approximately 34%. Far will continue to have the first right to provide, or to arrange through third
parties for, funding for additional technologies so as to further increase its BMUSA ownership stake. Far,
BM and EBP will own positions in BMUSA, which will hold licenses from EBP for the technologies
financed through BMUSA. The terms of this agreement will supersede the agreement announced by Far
on July 23, 2019.
As long as required minimum payments are made to EBP by BMUSA, BMUSA will continue to have a first
right to advance, license and commercialize technologies and products from EBP benefitting Far as its
shareholder. If Far declines to provide required financing, BMUSA can proceed to obtain financing from
EBP President and CTO, Lee Wheelbarger remarked: “Reliable funding is critical to the development of
the EBP products, allowing us to focus more on product development and less on financing. Working with
Far, BM and the groups they bring to the table has been invaluable in developing the VAB Controller© for
the benefit of Far and EBP, and we only see the benefits of this relationship growing.”
Far also announces that Mr. Eddy Yu is stepping down as the company’s Chief Financial Officer for
personal reasons. Eddy joined the team to assist with the company’s turnaround and restructuring over
the last year. Far would like to thank Eddy for his hard work and wishes him well in future endeavours.
For and on behalf of the Board
President and CEO
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company
with lithium exploration projects in Canada and the USA. In Canada, Far is advancing its Zoro Lithium
Project, located in the mining-friendly Snow Lake region of Manitoba. Zoro covers numerous known
lithium pegmatite dykes and hosts the company’s 1.1 million tonne resource (0.93% Li2O at a 0.3%
cutoff), plus an additional fifty targets. The company also holds a 60% stake in the Hidden Lake Lithium
Project in Northwest Territories. In the USA, the company owns the Winston Project in New Mexico, a
historic mining property with potential for bonanza-grade silver and gold.
More information is available at Far’s website: www.farresources.com.
BattMat Technologies Inc. is dedicated to capitalizing on the advancement of battery-focused
technologies and applications, including systems for distributed power, marine power and energy storage.
More information is available at BattMat’s website: www.battmat.com.
About Electric Blue Power
Electric Blue Power, LLC operates the all-electric vessel Electric Blue Yacht and is developing the VAB
Controller© and other related designs of inventor Lee Wheelbarger. You can read more about EBP
L. Frank Anderson, Director
Far Resources Ltd.
+1 (604) 253-3444
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