Arise Technologies Corp.: Agree on Extension of Working Capital Line
* On Thursday June 11, 2009, 5:26 pm EDT
WATERLOO, ON, June 11 / - Arise Technologies Corporation, which is dedicated to becoming a leader in high-performance, cost-effective solar technology, today announced that it has agreed with Commerzbank AG on an extension of its Euro 7.0 million secured bank-credit facility.
The initial term of the facility expired on May 31, 2009. The agreement extends the facility to August 31, 2009 at an interest rate of EONIA + 3.25% per year (the previous rate was 2.5%). The credit facility was originally provided by Commerzbank to provide financing for the start-up of Arise's PV (photovoltaic) cell manufacturing on Line 1 at the company's plant in Bischofswerda, Germany. Arise will be able to continue using the Euro 7.0 million facility for working capital for its German manufacturing operations.
About Arise Technologies
Arise Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20 percent. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999 percent) for PV applications, based on a simplified chemical vapour deposition process. The division is focusing on scaling up its process to provide Arise with control over its supply, costs, and quality. The PV Systems Division provides complete turnkey PV solutions for solar farms and rooftop installations under the Ontario Renewable Energy Standard Offer Program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.
For further information
Arise Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Dave Chornaby, Chief Financial Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.co