04.01.06

4.1.2005: Meldung: Solar Integrated Technologies, Inc.: US$20 Million Credit Facility With Affiliate of GE Energy Financial Services

Solar Integrated Signs US$20 Million Credit Facility With Affiliate of GE Energy Financial Services; Deepens GE Relationship
Tuesday January 3, 2:00 am ET

NEW YORK, Jan. 3 / Solar Integrated Technologies, Inc., a leading provider of commercial building integrated photovoltaic roofs, announced today that it has signed a revolving line of credit with an affiliate of GE Energy Financial Services for up to US$20 million. The credit facility is for a term of up to five years, and will be used for working capital and other general corporate purposes. Solar Integrated granted GE Energy Financial Services five-year warrants to purchase up to 2,000,000 shares of common stock of Solar Integrated at a strike price of US$3.392 per share (currently equivalent to 1.9688 pounds Sterling per share), subject to adjustment in certain circumstances.

"This US$20 million credit facility with an affiliate of GE Energy Financial Services, coupled with our recent US$37 million private placement of convertible notes, will support our growth," stated Jon W. Slangerup, Chief Executive Officer of Solar Integrated. "We are very pleased that we are able to deepen our relationship with GE."

In April 2005, Solar Integrated announced that GE Energy Financial Services had invested in an innovative solar roofing project with the San Diego Unified School District. After that initial investment, GE Energy Financial Services has a right of first refusal to finance up to US$500 million of existing and prospective solar roofing projects.

About Solar Integrated

Solar Integrated Technologies, Inc. (AIM: SIT.LN) is a Los Angeles based, leading manufacturer and developer of building integrated photovoltaic (BIPV) systems for commercial roofing and mobile power applications enabling the production of reliable, renewable and economic electrical power. Customers include Coca-Cola Enterprises, Frito-Lay, ProLogis, San Diego Unified School District, Wal-Mart and other municipal and blue chip companies. For more information, visit http://www.solarintegrated.com.


For more information, please contact:

Investor Contacts:

Solar Integrated Technologies, Inc.
R. Randall MacEwen
Executive Vice President, Corporate Development
Los Angeles, California, US
+1 323 231 0411

Solar Integrated Technologies, Inc.
Frederik W. Mowinckel
Chief Operating Officer - Europe
London, UK
+44 20 7661 9704

Media Contacts:

Gavin Anderson & Company
Ken Cronin or Deborah Walter
London, UK
+44 20 7554 1400

Solar Integrated Technologies, Inc.
Wanda Cutler
Los Angeles, California, US
+1 213 479 3005


Source: Solar Integrated Technologies, Inc.
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x