On 16 April 2012, following a strategic review, RedFlow announced its intention to focus in the near-term on expanding the Company’s product demonstration programme across both end-users and systems integrators.
In line with this strategy RedFlow is pleased to provide a further update of activity;
- On the 1st August RedFlow announced that it had completed and lodged the preliminary documentation for the 2012 Research and Development Tax Incentive and expected to receive a cash payment of approximately $3.0million before the 31 October 2012.
Research and Development Tax Incentive
- On the 13th August RedFlow released an update about our current negotiations with System Integrators as well as our agreement to collaborate with the University of Sydney.
- On the 14th August RedFlow announced the intention to undertake a capital raising of approximately $4.9 million via a pro-rata non-renounceable entitlement offer.
Capital Raising August 2012
This offer is fully underwritten by RBS Morgans Corporate Limited. The funds are expected to be available to RedFlow by the end of September.
- As part of this capital raising RedFlow provided an offer booklet that includes messages from the Chairman and CEO and an updated investor presentation.
Research and Development Tax Incentive.
- On the 16th August RedFlow was in the media.
- On the 21st August RedFlow received notification that the United States Patent and Trademark Office (USPTO) has now allowed RedFlow’s US patent application no. 12/530,728 titled “Cell Stack for Flowing Electrolyte Battery”. A US patent will therefore be granted from the application within the next few months.”
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