Mass Megawatts Announces $220,500 Debt Cancellation Agreement for

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Worcester, Massachusetts–(Newsfile Corp. – June 28, 2024) – Mass Megawatts (OTC Pink: MMMW) announces that all parties to the debt related to four debt agreements have agreed to cancel the debt without any issuance of shares or other debt. In addition, stock options contracts linked to the conversion of debt into shares at fixed prices between 0.4 cents and 0.72 cents were also canceled. The potential issuance of 39,725,000 shares was avoided. The company currently has just 178,514,579 shares outstanding and a market cap of $760,000. Currently, Mass Megawatts has only $150,000 in accounts payable debt and no outstanding stock options. The potential for stock dilution with derivatives has been eliminated. Since the debt holder is a shareholder, everyone benefits from removing these barriers to value creation and improving long-term mass megawatt goals.

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On July 11, Mass Megawatts will announce details of a new concentrating solar photovoltaic innovation that improves the efficiency of stationary solar projects without the need for a tracker or moving parts. The improvement will generate more than 2.5 times the power output at very minimal additional cost compared to similar solar panels without the modifications. One of the key benefits of innovation is reducing barriers to production and customer acceptance. The need for multiple bearings, new software, tracking engines and mobile platforms has reduced potential customers’ interest in trackers. Eliminating debt and stock options will benefit the company’s ability to finance, produce and sell the new product.

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In the past, other products, including the solar tracker featured in a video on our website www.massmegawatts.com, have been introduced that may take several years to commercialize, unlike the new stationary concentrator announced in July that can be produced and sold immediately. Mass Megawatts has announced cost-reduction improvements through patent-pending cost-reduction concentrated solar power technology. We have two patent-pending versions of concentrated solar technology. One is related to the additional output of photovoltaic cells and the other is related to the concentration of heat to drive a new and improved patent-pending Sterling engine to produce electricity.

Sterling Solar Concentrator Motor innovation brings the best substantial cost saving improvements for solar generated electricity supply. The unique and competitive solar concentrator section using low cost material commonly used by canvas buildings is placed on the solar tracker platform and works well with our solar tracker. It helps to concentrate the solar rays on the thermal piston section of Sterling motor. The low cost canvas material is already approved by structural engineers for buildings, with the canvas type material having an expected life of 30 years.

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In addition to the low-cost hub, the improved Sterling motor reduces mechanical issues associated with pistons and their applications. In the heat displacer and piston, a four-wall rectangular extension includes rollers to eliminate the need for precision and avoid friction as parts move. The cost reduction associated with robust simplicity also reduces long-term maintenance issues associated with traditional piston technology.

Traditional Sterling engine pistons have a high maintenance cost due to the harsh conditions that the piston rings must endure. High temperatures and sliding speeds can cause excessive wear. As a result, short replacement intervals of the piston rings and sometimes cylinders may be necessary to maintain high efficiency. The innovation is a low-cost method to increase the replacement interval and reduce maintenance cost. The rectangular extension supports the piston during its mechanical process involving high temperatures, high sliding speeds and the unlubricated operation associated with the pistons. The addition of the reinforcement to the rectangular extension method also reduces unwanted temperature and friction spikes that cause accelerated piston-related wear.

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The many new technologies are important additions and applications of its patent-pending solar tracker. A video on the homepage of www.massmegawatts.com summarizes the patent-pending solar tracker.

The company’s Solar Tracking System (STS) is a new patent-pending product that dramatically reduces the payback period for solar energy investments. It is designed to automatically adjust the position of solar panels to directly face the sun as it moves from east to west throughout the day. Unlike other solar tracking technologies, the Mass Megawatts Solar Tracker uses a low-cost frame that adds stability to the overall system, while improving energy production levels.

This press release contains forward-looking statements that could be affected by risks and uncertainties. Factors that could cause actual events to differ materially from those indicated herein include: the inability of Mass Megawatts Wind Power (MMMW), also known as Mass Megawatts Windpower, to obtain or retain necessary zoning approvals regarding the location of its energy development projects; Mass Megawatts Wind Power’s ability to remain competitive; to finance the marketing and sale of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power (MMMW).

Contact:
[email protected]
www.massmegawatts.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214776

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