LONG TERM INVESTMENTS

12 Months Ended

Aug. 31, 2016

LONG TERM INVESTMENTS [Text Block]

5. LONG TERM INVESTMENTS

Global Solar Water Power Systems Inc.

On February 28, 2010, the Company entered into an Asset and Share Purchase Agreement with the Company’s former chief technical officer - Mr. Mark Snyder to acquire up to 20% ownership interest of GSWPS.

During the year ended August 31, 2013, based on the management’s assessment of GSWPS’s current operations, the Company decided to write down long-term investment in GSWPS to $1.

Pro Eco Energy USA Ltd.

During the year ended August 31, 2008, the Company purchased 900,000 shares in Pro Eco Energy USA Ltd. (“Pro Eco Energy”) for $45,000. During the year ended August 31, 2014, the Company sold its investment in Pro Eco Energy to Western Standard Energy Corp. for $40,000. During the year ended August 31, 2015, 600,000 shares of Pro Eco Energy were returned to the Company and the receivable from Western Standard Energy Corp. was settled. The Company has no significant influence in Pro Eco Energy.

The value of Pro Eco Energy’s shares have been written down to $1 by management during the year ended August 31, 2016 due to management has assessed the value of shares by reviewing Pro Eco Energy’s operation and cash flows situation and concluded it is unlikely to sell Pro Eco Energy’s share in the market.