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 under four debt agreements have agreed to cancel the debt without any issuance of equity or other debt. In addition, stock option contracts related to the conversion of debt into equity at fixed prices ranging from 0.4 cents to 0.72 cents have also been canceled. The potential issuance of 39,725,000 shares has been avoided. The Company currently has only 178,514,579 shares outstanding and a market capitalization of $760,000. Mass Megawatts currently has only $150,000 of accounts payable liabilities and no stock options outstanding. 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 megawatt mass targets.

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On July 11, Mass Megawatts will announce details of a new concentrated solar photovoltaic (CSP) innovation that improves the output of stationary solar projects without the need for a tracker or moving parts. This improvement will generate more than 2.5 times more energy at very little additional cost compared to similar solar panels without modifications. A key benefit of this innovation is the reduction of barriers to production and customer acceptance. The need for multiple bearings, new software, tracker motors and moving platforms has reduced potential customer interest in trackers. The elimination of 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 have been introduced, including the solar tracker shown in a video on our website www.massmegawatts.com, which may take several years to reach the market, unlike the new stationary concentrator announced in July, which can be produced and sold immediately. Mass Megawatts has announced improvements to reduce costs by using patent-pending concentrated solar power technology. We have two patent-pending versions of concentrated solar technology. One involves the additional production of photovoltaic cells and the other involves concentrating 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 service cost related to the harsh conditions the piston rings must endure. High temperature and high sliding speeds can cause excessive wear. Therefore, short replacement intervals of piston rings and sometimes cylinders may be necessary to maintain high efficiency. The innovation is a low-cost method to increase replacement interval and reduce service cost. The rectangular extension supports the piston during its mechanical process involving high temperatures, high sliding speeds and the unlubricated operation associated with pistons. The addition of the rectangular extension method of reinforcement 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 may be affected by risks and uncertainties. Factors that could cause actual events to differ materially from those discussed herein include: the inability of Mass Megawatts Wind Power (MMMW), also known as Mass Megawatts Windpower, to obtain or maintain necessary zoning approvals for the location of its power development projects; the ability of Mass Megawatts Wind Power to remain competitive; to finance the marketing and sale of its electricity; general economic conditions; and other risk factors detailed in Mass Megawatts Wind Power’s (MMMW) periodic reports filed.

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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