The Now Corporation (OTC: NWPN) Reduces Debt by $5 Million in Exchange for Off-Road EV Design and Announces Website Revamp
Key Points:
Financial Strength & Debt Reduction
Debt Reduction of $5 Million: The Now Corporation (OTC: NWPN) has significantly improved its financial position by reducing $5 million in convertible debt.
Strategic Agreement with Medican Enterprises Inc.: Debt was exchanged for the research, development, and design of an advanced off-road electric vehicle.
Off-Road EV Innovation
Cutting-Edge Electric Vehicle Development: The new EV will feature a quad-motor configuration, solid-state battery technology, adjustable air suspension (24 inches of clearance), and superior off-road capabilities.
Green Rain Solar's Expertise: The Now Corporation's subsidiary, Green Rain Solar Inc., will lead the R&D, leveraging its strength in renewable energy and battery management.
Profit-Sharing Partnership
50/50 Revenue Split: Medican Enterprises Inc. retains ownership of the brand and IP, while The Now Corporation leads development. Net profits from commercial sales will be split evenly.
Corporate Digital Expansion
Website Revamp & Enhanced Online Presence: The Now Corporation is launching a fully redesigned corporate website (www.greenrainenergy.com) within 24 hours to provide investors and stakeholders with streamlined access to company updates.
Strategic Vision & Industry Impact
Commitment to Renewable Energy & EV Technologies: The Now Corporation aims to revolutionize off-road EVs by integrating solar-powered innovations and sustainable energy solutions through Green Rain Solar.
Market Leadership in Urban & Grid-Connected Solar Solutions: The company specializes in urban rooftop solar installations and advanced battery storage for high-energy-cost regions.
PASADENA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) -- The Now Corporation (OTC: NWPN) ('Now' or the 'Company') is pleased to announce a significant improvement in its financial position by reducing its outstanding debt by $5 million. This milestone has been achieved through a strategic agreement with Medican Enterprises Inc. ('Medican'), further strengthening the Company's commitment to innovation in the renewable energy and electric vehicle (EV) sectors.
Under the terms of the agreement, The Now Corporation has exchanged $5 million of convertible debt in consideration for the research, development, and design of an advanced off-road electric vehicle. This cutting-edge EV is being engineered to surpass current market offerings, featuring a quad-motor configuration, solid-state battery technology, an adjustable air suspension system with up to 24 inches of clearance, and superior off-road capabilities designed for extreme terrains.
Green Rain Solar: Powering the Future of EV Innovation
The Now Corporation, through its wholly owned subsidiary Green Rain Solar Inc., possesses the technical expertise and experienced engineering team necessary to complete the design of this state-of-the-art off-road EV. Green Rain Solar is an industry leader in sustainable energy solutions, specializing in solar-powered innovations and energy grid integration. The subsidiary's deep-rooted knowledge in advanced energy storage, battery management systems, and renewable power applications positions The Now Corporation as a formidable player in the electric mobility space.
'The completion of this agreement strengthens our balance sheet while positioning The Now Corporation as an innovator in the off-road EV market,' said Alfredo Papadakis, CEO of The Now Corporation. 'Through our subsidiary Green Rain Solar, we have assembled a world-class team with the expertise to bring this revolutionary vehicle to life. This project represents a bold step toward integrating cutting-edge electric vehicle technology with sustainable energy solutions.'
As part of the agreement, Medican Enterprises Inc. will retain full ownership of the EV's brand, intellectual property, and proprietary technologies, while The Now Corporation, through Green Rain Solar, will lead the research and development efforts necessary to complete the vehicle's design.
Profit-Sharing Agreement:
Once the off-road EV is fully developed, produced, and commercially sold, all net profits will be equally divided (50%/50%) between The Now Corporation and Medican Enterprises Inc.. This profit-sharing structure ensures that both parties benefit from the success of the vehicle while reinforcing The Now Corporation's commitment to long-term value creation.
Corporate Website Revamp: New Online Presence Goes Live
In addition to this major debt reduction and development initiative, The Now Corporation is excited to announce the full revamp of its corporate website, www.greenrainenergy.com. The newly designed website will provide investors, stakeholders, and customers with enhanced access to information about the Company's projects, ongoing developments, and strategic vision. The website is scheduled to go live within the next 24 hours.
A Strong Future for The Now Corporation
The Now Corporation remains committed to pioneering advancements in renewable energy and electric vehicle technologies. The Company believes that leveraging its expertise through Green Rain Solar will allow it to set new industry standards for sustainable off-road transportation. Additional updates on the EV project and other strategic initiatives will be provided as developments progress.
About The Now Corporation:
The Now Corporation (OTC: NWPN) is committed to advancing clean energy solutions through its subsidiary, Green Rain Solar Inc. Green Rain Solar focuses on urban rooftop solar installations and grid-connected power solutions, targeting markets with high energy costs. By combining state-of-the-art solar and battery technologies, The Now Corporation is dedicated to driving innovation and sustainability in the renewable energy sector.
About Green Rain Solar Inc.:
Green Rain Solar Inc., a subsidiary of The Now Corporation (OTC: NWPN), is a solar energy utility company specializing in urban solar energy and grid integration. The company develops innovative rooftop solar projects to transform sunlight into grid-connected power, promoting sustainable energy solutions for high-cost urban areas.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. This includes the possibility that the business outlined in this press release may not be concluded due to unforeseen technical, installation, permitting, or other challenges. Such forward-looking statements involve risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of The Now Corporation to differ materially from those expressed herein. Except as required under U.S. federal securities laws, The Now Corporation undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise.
For press inquiries, please contact:Michael CiminoMichael@pubcopr.com
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