YORK--(BUSINESS WIRE)--Jan. 19, 2005--ObjectSoft Corp.
(OTC: OSFT - News) today announced that it has agreed
to acquire all of the nanotechnology assets of Terra
Solar Development Corp. (TSDC to be renamed RES Inc.)
and also Accusealed of Hungary. After the closing
of the acquisition, expected to take place in February
2005, ObjectSoft will ask shareholders to approve
a change in the Company's name to Nanergy Corp.
The principal nanotechnology assets being acquired
issued and applied for, as well as patent disclosures
related to the use of carbon nanotubes in
storage in carbon nanotubes
of a number of Nanofilm-based PV consumer products
contracts with workers and consultants
assets are being acquired debt-free. As consideration
for the purchase, shareholders of TSDC will receive
equity equal to 90.9% of the total equity in ObjectSoft.
Based on the achievement of certain milestones, additional
shares may be issuable to Nanergy management.
of the shareholders of ObjectSoft have signified their
approval of this transaction, which is still subject
to conclusion of a definitive agreement, shareholder
and Board approvals and customary closing documents.
had previously announced that it and its investors
had invested a total of $250,000 in Terra Solar Development
Corp. Upon the completion of this transaction, ObjectSoft
will own all of the nanotechnology assets of TSDC
Nano-PV Films and Nanotechnology
products being developed, which will be acquired as
part of this transaction, are believed to be the first
to use PV Nanofilms, which combine thin films and
nanotechnology so they can also work indoors in most
lighting situations. Nanofilms have elements below
1000 and even below 100 nanometers. The National Science
Foundation (NSF) defines nanotechnology as consisting
of components and elements 1000 nanometers and under.
(1 nanometer is one billions of a meter or 10 Angstroms).
Corp. is a publicly traded nanotechnology company
located in New York City. ObjectSoft Corporation is
a company focusing on the combination of photovoltaic
cells and carbon nanotubes.
Terra Solar Development Corp.
is a well-known pioneer in the fields of photovoltaic
cells and nanotechnology. Dr. Zoltan Kiss, TSDC's
chief scientist is the inventor of the digital watch,
and has over 30 patents to his credit, including fundamental
Ken Lowman, 212-922-0573
Source: ObjectSoft Corp.