GRAND FORKS, N.D., Sept. 19 ND-DPSS-patent-letter
GRAND FORKS, N.D., Sept. 19 /PRNewswire-FirstCall/ -- Driver Passport Inc.
(OTC Bulletin Board: DPSS) announced today that it has entered into a Letter
of Intent to acquire the patent for the proprietary interlocking Inca Block
Construction System(TM) ("IBCS").
The IBCS is a unique low-cost interlocking concrete block construction
system designed to address the global shortage of low-cost housing and
emergency housing needs due to recent devastation in the US and Caribbean. In
addition, the "green rated" IBCS addresses heightened international
environmental concerns over depleting resources associated with traditional
construction materials. The company also reported that upon closing of the
acquisition of the IBCS patent, CEO Randy Brown will enter into an agreement
to acquire the current existing assets of the company and the company's Board
of Directors will be re-constituted with the addition of two new Directors.
The above transactions are subject to the drafting and negotiation of
final definitive agreements, performing due diligence as well as board
approval of both parties. There is no guarantee that the Company will be able
to close the above transaction or that the transactions will be closed on the
above stated terms.
"This construction system clearly has the potential to become a major
player in meeting worldwide demand for low-cost housing", stated Driver
Passport Inc. CEO Randy Brown. Founder and inventor of the Inca Block
Construction System, Dr. Daniel D. Correa, commented "I am very excited that
we have put ourselves in a position to launch our global expansion plans for
the Inca Block System. We have tested the waters and have seen tremendous
interest from many different countries. Our initial focus will be on under
developed countries with emerging government sponsored housing programs that
will support the rapid rollout of low-cost housing developments".
The Inca Block Construction System is a revolutionary pre-fabricated
complete "kit" for houses and buildings with all necessary modules, including
blocks with self contained electrical and plumbing outlets, window molding and
sills, cornices, dentils and roofing structures. The concrete Inca blocks,
which can also be made from other materials like adobe or concrete with added
fibers, have interlocking capabilities on all contact faces. The blocks form
a dilatation joint in each contact face, increasing flexibility to resist
earthquakes and high winds. The IBCS requires no mortar to set the blocks as
the self aligning design includes interlocking tongue and groove. Without
mortar, the system achieves structural strength to meet various building codes
by incorporating rebar and concrete within the cells of the block. As a
result, the system is Low Skill Labor rated, resulting in a lower construction
time of 3 minutes per square meter compared to 39 minutes per conventional
block construction.
According to the United Nations, approximately 1.6 billion people live in
substandard housing and 100 million are homeless. The Inter-American
Development Bank reports that 10 to 15 million households in Latin America
live in substandard housing conditions. Representative of the extent of
worldwide poverty is the enormous demand for low and middle-cost housing
worldwide. The global construction industry trying to address this housing
shortfall is faced with depleting resources, heightened environmental
concerns, high costs and deteriorating product quality. Conventional and
traditional construction industries are unable to adequately address the
growing demand for low-cost housing.
This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking within
the meaning of the safe harbor provisions of the U.S. federal securities laws.
These include, among others things, statements about expectations of future
business, revenues, cash flows and capital requirements. Forward-looking
statements are subject to risks and uncertainties that may cause the company's
results to differ materially from expectations. These risks include the
company's ability to further develop its business, the company's ability to
generate revenues, develop appropriate strategic alliances and successful
development and implementation of technology, acceptance of the company's
services, competitive factors, new products and technological changes, and
other such risks as the company may identify and discuss from time to time,
including those risks disclosed in the company's periodic reports filed with
the Securities and Exchange Commission. Accordingly, there is no certainty
that the company's plans will be achieved.
Contact: Driver Passport Inc. 1-800-743-1824
SOURCE Driver Passport Inc.
