Global Warming Solutions And Vega Energy Execute Letter Of Intent

Houston, TX - Global Warming Solutions, Inc. recently announced that the company has signed a letter of intent with VEGA S.r.l an Italian alternative energy company for the purpose of forming a Joint Venture in Italy that will produce solar panels based on the LETG technology.

The JV will be an Italian Company named "Alpha Energy" and will be equally owned by Global Warming Solutions, Inc. and Vega S.r.l. respectively. The JV agreement calls for Vega to provide complete funding and operational support for the JV and for Global Warming Solutions to provide the licensing of the LETG technology.

This agreement comes only one month after Global Warming Solutions, Inc. appointed a European Sales Manager Mr. Antonio Adamo to its board of directors. Commenting on the transaction Mr. Adamo stated: "We are very excited to have initiated this deal with Vega Energy. I have been a believer in the LETG technology for a long time and feel that the European market will benefit greatly from the energy savings of the LETG."

Mr. Settimio Gallo, CEO of Vega Energy s.r.l, stated: "We are excited to be participating in this JV with Global Warming Solutions and we hope to establish a cutting edge production plant that will produce high efficiency solar panels based on the LETG technology."

Dr. Vladimir Vasilenko CEO and Dr. Dmitry Kosynkin CTO both traveled to Italy last week to meet the Vega Energy team and to discuss the details of the Joint Venture.

"This transaction shows that we are moving towards our goal of successfully commercializing technologies that we have developed or acquired," said Dr. Vladimir Vasilenko, CEO of Global Warming Solutions. "We hope to establish a long lasting relationship with Vega and Mr. Gallo and to bring to market LETG solar Panels and Solar Energy systems."

SOURCE: Global Warming Solutions, Inc.