DGAP-News: Prime Sun Power Inc.: STRATEGIC INVESTMENT AGREEMENT
(firmenpresse) - Prime Sun Power Inc. / Agreement
03.06.2010 08:00
Dissemination of a Corporate News, transmitted by
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BANGKOK SOLAR POWER CO., LTD. ('BSP') SIGNS A STRATEGIC INVESTMENT
AGREEMENT TO PURCHASE OF UP TO 40 MILLION EUROS (USD $49.5 MILLION) OF
PRIME SUN POWER INC. ('PSP') COMMON STOCK
New York, NY - June 3rd, 2010 - Prime Sun Power Inc. (OTCBB/New York: PSPW&Xetra/Frankfurt: PSD), announced today that it has entered into a
Strategic Investment Agreement with Bangkok Solar Power Co., Ltd. ('BSP'),
a leading manufacturer of PV solar modules and engineering, procurement,
construction, and installation ('EPCI') contractor to acquire up to
6,639,063 shares of PSP Common Stock at price of EUR7.73 per share.. All
shares issued to BSP will be subject to a lock-up period until December 31,
2013.
The purchase price has been valued based on PSP's current business plan and
project pipeline, the projected growth of PSP in the PV industry as a
utility-scale project developer, and PSP's ability to assist BSP to access
a substantial share of the European solar market.
PSP and BSP have agreed to work together in a strategic alliance whereby
BSP shall be appointed as the General Contractor to perform the EPCI
contract for PSP solar power plants for at least 50 Mega Watts Peak per
annum until 2013. BSP will purchase the PSP shares in increments of
EUR400,000 upon activation of each megawatt peak of solar power to be
covered by the EPCI service agreement. If all of strategic alliance shares
are acquired, BSP will own 14.2% of PSP's issued and outstanding shares of
common stock.
'The partnership with BSP is a very important milestone in the company's
expansion plans and strategy to partner with industry leaders to achieve
our business plan goals and maintain sustainable growth,' said Olivier de
Vergnies, Chief Executive Officer of PSP.
'The investment decision is a major forward step in our strategy to expand
our company's activities and increase the company's market share in
Europe,' said Mr. Podduang Don Kongkamee, Chief Operations Officer of BSP.
About BSP:
BSP is part of the Thai 'Bangkok Cable Co., Ltd.' Group, Bangkok Cable Co.,
Ltd. 'BCC' started operation in August 1964 in Thailand by manufacturing
electric wire and cable to supply mainly home building installations.
Later, the company expanded its market to the governmental sector,
including wire and cable installation and exports. And part of Bangkok
Solar Co., Ltd. 'BSC' was created in May 2003 as the first Amorphous
Silicon ( a-Si ) Photovoltaic Modules Manufacturer in Thailand and granted
ISO 9001:2000 and has a stated mission to become a world leader in the
solar energy business, to satisfy all customers as general contractor to
perform turnkey contract for the engineering, procurement, construction,
and installation of solar power plants.
For more information: http://www.bangkoksolar.com
About PSP:
PSP is positioning itself as a clean energy utility company with an
emphasis on the development, construction and operation of its own and
third party utility-scale photovoltaic power plants. The Company is
focusing on photovoltaic solar power generation in Europe, particularly in
Italy, Greece and Turkey. The Companyplans to develop, build and operate
500 megawatts of photovoltaic solar power generation through the end of
2013 of which 150 megawatts are expected to be acquired by third party
investors. In addition to Company expectation of proceeds from selected
strategic financiers currently in negotiations with Company management, the
Company plans to use revenues generated from sales of projects to third
parties in the development and construction of its own power plants. The
Company strategy is to act as a consortium-leader with reputable
world-leading EPC and module suppliers to deliver all projects on a turnkey
basis. The Company aims to achieve a leading position in the provision of
solar energy.
Forward-Looking Statements
This press release contains 'forward-looking statements' as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These statements are
based upon our current expectations and speak only as of the date hereof.
These forward-looking statements are based upon currently available
competitive, financial, and economic data and management's views and
assumptions regarding future events. Such forward-looking statements are
inherently uncertain. Our actual results may differ materially and
adversely from those expressed in any forward-looking statements as a
result of various factors and uncertainties. PSP cannot provide assurances
that any prospective matters described in the press release will be
successfully completed or that PSP will realize the anticipated benefits of
any transactions. Without limiting the foregoing, PSP cannot guarantee or
assure that sufficient solar power projects will be initiated or be
activated that will result in the purchase by BSP of some or all of the PSP
strategic alliance shares. Various risk factors that may affect our
business, results of operations and financial condition are detailed from
time to time in the Current Reports on Form 8-K and other filings made by
PSP with the U.S. Securities&Exchange Commission. PSP undertakes no
obligation to update information contained in this release.
Contact:
Olivier de Vergnies
Chief Executive Officer
info(at)primesunpower.com
Telephone: +41-44-575-9000
For further information please visit www.primesunpower.com
03.06.2010 08:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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Datum: 03.06.2010 - 08:00 Uhr
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