NxtPhase T&D Corporation, a provider of digital relays, recorders, and fiber optic solutions for the electric power industry, has reached an agreement with Beacon Power Corporation to terminate the arrangement agreement entered into in April of this year. The two companies will pursue their business objectives independently.
“We are pleased that the issue is resolved,” commented Andrea Johnston, CEO of NxtPhase, “It allows us to remain focused on our core business and continue with the success we have enjoyed this year. We also appreciate the continued strong support from our investor group who have committed to provide funding which will allow the company to continue to grow and achieve our profitability objectives.”
NxtPhase has received an irrevocable term sheet committing sufficient funds to allow NxtPhase to execute its business plan and expects to announce details of the pending financing shortly.