29.11.2002: Meldung: Solar Energy Announces Termination of Sun Power Agreements (engl.)
SLRE sold 100% of Sunspring Inc. "Sunspring" to SNPW for 4,000,000 shares of SNPW plus an $8,000,000 convertible debenture. REL sold 100% of Renewable Energy Corp. ("RECO") to SNPW for 4,000,000 shares of SNPW plus an $8,000,000 convertible debenture.
A major portion of the transaction required SNPW to provide working capital to both Sunspring and RECO to continue their respective R&D programs. The recent decline in the trading value of SNPW shares, coupled with its inability to secure capital in the start-up technology markets, has forced SNPW to advise SLRE and REL that it cannot provide adequate operating capital to its subsidiaries.
Accordingly, SLRE and REL have given notice to SNPW (according to their respective Agreement and Plan of Share Exchange) that it intends to repossess the shares of Sunspring and RECO by returning to SNPW the $8,000,000 in convertible shares that each company owns. REL and SLRE will be retaining the 4,000,000 shares of SNPW as agreed to in the original purchase agreements along with the working capital provided to date by SNPW. Sun Power Corp has also agreed to the termination of the two purchase agreements.
Solar Energy Limited will now be pursuing other financing programs and, in the meantime, has received commitments for ongoing working capital from two of its shareholders.
Certain matters discussed in this new release are forward looking statements and certain important factors may affect the Company"s actual results to differ materially from any forward-looking statements made in this release, or which are otherwise made by or on behalf of the Company. Such factors include, but are not limited to, changes in market conditions, the inability to commence planned projects in a timely manner, the impact of competition, as well as risks associated with acquisitions. The Company believes that the information contained herein is from sources considered reliable but cannot guarantee that the statements presented are accurate or complete.
Solar Energy Limited
112C Longview Drive
Los Alamos, New Mexico,
Dr. Melvin Prueitt
or David Jones