DGAP-News: SUNLOGICS ANNOUNCES ACQUISITION OF EPV SOLAR GERMANY GmbH AND NEW MILLENNIUM SOLAR EQUIPMENT CORP
(firmenpresse) - DGAP-News: Sunlogics PLC / Key word(s): Acquisition
SUNLOGICS ANNOUNCES ACQUISITION OF EPV SOLAR GERMANY GmbH AND NEW
MILLENNIUM SOLAR EQUIPMENT CORP
20.09.2011 / 10:00
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Sunlogics purchased two solar panel manufacturing facilities with a
combined annual nameplate capacity of 50 MW.
The plant in Senftenberg, Germany has an annual nameplate capacity of
30MW and the plant in New Jersey, USA has an annual nameplate capacity of
20MW.
As part of the transaction, Sunlogics received a $6 million equity
investment.
ROCHESTER HILLS, MICHIGAN, SEPTEMBER 20, 2011 - Sunlogics PLC (Frankfurt:
18L), a vertically
integrated global solar energy systems provider specializing in solar
project development and installation, today announced that it has acquired
privately-held Phoenix Solar Holdings Corp and its operating subsidiaries,
including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp.
With the completion of this transaction, Sunlogics now has the ability to
manufacture solar panels, using its proprietary technology, in Europe, Asia
and North America. The Company's senior management team has extensive
global experience in manufacturing of solar modules and engineering and
installing solar power generating facilities.
The acquisition includes the photovoltaic manufacturing facility located in
Senftenberg, Brandenburg, Germany. The 55,000 square feet, 30 MW plant
entered production in 2008. The Company is in the process of finalizing an
existing government grant and once resolved will increase production,
staffing levels and project development initiatives. The Company also
intends to invest up to $6 million in additional, proprietary manufacturing
technology over the next few years. Moreover, the Senftenberg location will
serve as the base for projected expansion in Europe.
The Company has announced plans to relocate the acquired U.S. panel
manufacturing equipment, representing 20MW of production, from New Jersey
to Detroit, Michigan and Ontario, Canada.
The transaction included investments by GLG Partners LP, Tenor Capital,
Atlas Investment Fund and Catalyst Investment Management Co LLC. Exact
financial terms of the transaction were not disclosed, but did include
Sunlogics receiving a $6 million equity investment.
'The successful completion of this strategic transaction, which included
investments from GLG, Tenor, Atlas and Catalyst as well as the acquisition
of over 50 megawatts of nameplate solar panel manufacturing capacity, is an
important step in building Sunlogics into a leading provider of solar
energy solutions. It is a strong vote of confidence by a very
sophisticated group of investors, and was followed by an additional
investment from GM Ventures Inc, a wholly owned subsidiary of General
Motors which invested in our Company in July,' said Michael Matvieshen,
Chief Executive Officer of Sunlogics. 'As we expand our global presence and
capabilities, we anticipate utilizing New Millennium's technology and
resources to further reduce the costs of solar installations.' In view of
the investment in Senftenberg Michael Matvieshen added: 'We have been
extremely well received by the State of Brandenburg and the City of
Senftenberg and are looking forward to cooperating to the benefit of all
partners.
About Sunlogics PLC
Sunlogics PLC (Frankfurt: 18L.F) is a vertically integrated global solar
energy systems provider specializing in solar project development and
installation. Sunlogics' management has experience developing and operating
innovative solar commercial installations in Canada, United States, and
Europe.
The scope of the company's current projects and operations reach to the
nations of the world including Canada, United States, Europe and China.
More information can be found at www.sunlogics.com
Disclaimer
The information provided herein may include forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 relating to future events that
involve risks and uncertainties. Words such as 'expects,' 'anticipates,'
'intends,' 'plans,' 'believes,' and 'estimates,' and variations of these
words and similar expressions, identify these forward-looking statements.
Actual operating results may differ materially from such forward-looking
statements and are subject to certain risks, including risks arising from:
difficulties encountered in integrating New Millennium's business and
operations, the benefits expected to be received by Sunlogics and its
customers from the acquisition; lengthy sales and qualification cycles;
difficulties in the production process; changes in renewable energy
industry growth; increased competition; delays in developing and
commercializing new products; and other factors. The forward-looking
statements contained in this news release are made as of the date hereof,
and Sunlogics does not assume any obligation to update the reasons why
actual results could differ materially from those projected in the
forward-looking statements.
Contact
Patrick Finucane
For Sunlogics PLC
patrick(at)mckeeconsult.com
604-619-6678 (office)
End of Corporate News
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