Bitech terminates SuperGreen license, sues for fraud; refocuses on green energy

Bimergen Energy Corp

Terminated SuperGreen License effective Dec 28, 2022; Tesdison Technology deemed non-functional and not commercially viable.
Filed lawsuit Feb 2, 2023 against SuperGreen, Michael Cao, Calvin Cao, others; seeks at least $33.6M damages plus punitive damages.
CEO Benjamin Tran paid $86,000 in 2022; 2023 salary $11,000/month. CFO Brilon paid $16,500 in 2022; 2023 consulting fee ~$4,500/quarter.
Paused development of Intellisys-8 chipset due to unfavorable cryptocurrency market conditions.
Company refocusing on green energy solutions including BESS, Smart Grid, BEMS, and EV infrastructure.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bimergen Energy Corp terminated Patent & Technology Exclusive and Non-Exclusive License Agreement with SuperGreen Energy Corp. ("SuperGreen") (effective 2022-12-28).

Action: termination
Agreement: license
Counterparty: SuperGreen Energy Corp. ("SuperGreen")
Effective: 2022-12-28

Exact text from the filing

Effective December 28, 2022, Bitech Technologies Corporation (the “Company”) terminated the Patent & Technology Exclusive and Non-Exclusive License Agreement dated January 15, 2021, as amended, entered into between SuperGreen Energy Corp. (“SuperGreen”) and the Company’s wholly owned subsidiary Bitech Mining Corporation (“Bitech Mining”) (the “SuperGreen License”) for the reasons set forth in

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Bimergen Energy Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-003558

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