Octillion Spins-Out Subsidiary to Utilize Resources For Development
Octillion Corp. (Pink Sheets: OCTL), which is behind the first-of-its-kind transparent glass window capable of generating electricity, announced today the spinout of its wholly-owned subsidiary, MicroChannel Technologies Corporation. “In order to concentrate our efforts in developing leading edge solar energy technologies, we've decided to spin out our MicroChannel subsidiary to shareholders,” said Mr. Harmel S. Rayat, Octillion's president and CEO, in a statement. “The spin-out will be completed immediately upon compliance with, and satisfaction of, applicable securities and regulatory requirements.” The spinout is expected to be completed August 22, 2007, when shares will be distributed to shareholders. Rayat added, “This…