Albuquerque, NM, August 16, 2012 (Medusa Space PR) –– Medusa Space, LLC executed an agreement with Atrius Holdings, LLC (Atrius) on July 5th to sell them 50% ownership of our Mycroft patent pending technology. Such agreement provided that a successful closing of escrow was to occur within 10 business days. Atrius then assigned the Agreement to Global Resource Energy, Inc. As of today, neither Atrius nor GBEN have closed the initial agreement, much less the follow on payments required. Several notices were provided to the companies and a final default notice with option to cure was issued by Medusa Space and ignored by the companies. Therefore the agreement is terminated due to lack of performance on the part of Atrius and/or GBEN.
“GBEN has had a number of press releases discussing their ‘acquisition’ of the technology and plans for commercialization. Since GBEN is a public company, we believe such press releases should have been more accurate and forthcoming. Despite our repeated extensions and desire to work to close this transaction, we have been unable to secure their contractual performance”, said Medusa Space President Rich Glover, adding “we requested that either Atrius close the deal per the agreement or have GBEN issue a press release stating that they are not in possession of the technology license. Neither action has occurred so we felt an obligation to provide public notice that the MyCroft Fuel Cell technology is wholly owned by Medusa Space, the inventor, and we have no further ties or dealings with either Atrius or GBEN.
About Medusa Space LLC
Medusa Space LLC was formed in 2012 and is focused on the business of space! Their expertise resides in merging the business plan with technologies necessary for producing specific products that can only be formed in the unique environment of microgravity. These products are identified and targeted based on market demand and then matched to the appropriate technology development program. To make the Medusa Space list, the product business plan must close with existing launch technology and costs.