Arise Technologies: Update on Bridge Loan - New CRO
Waterloo, Ontario - Arise Technologies Corporation, "Arise" or "the Company", a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has closed $250,000 of the third tranche of up to $1,500,000 of the previously announced bridge loan ("Bridge Loan") from Radiant Offshore Fund Ltd ("Radiant"). The funds have now been advanced to Arise. In total Arise has received $600,000 from the first three tranches of the Bridge Loan.
The proceeds of the loan will be used to provide the necessary interim financing while the Company works with its secured creditors to develop a detailed plan regarding finalizing a potential business combination agreement.
In addition, the Company today announced the appointment of Jack Pinder, an executive consultant, who will act as the Chief Restructuring Officer ("CRO") as discussions proceed regarding establishing the potential business combination agreement.
The Company's securities are subject to a temporary cease trade order issued by the Ontario Securities Commission in connection with the Company's failure to file its third quarter financial statements. The Company continues to work towards completing and filing its third quarter financial statements.
Arise will continue to provide updates regarding the proposed business combination and other material issues related to the Company.
Radiant Investment Management Ltd. (RIML) is an event-driven hedge fund that employs a variety of strategies to generate alpha returns for its investors. RIML made their first investment in Arise Technologies in June 2010 and continues to be supportive of management and their direction. RIML's head office is located in Toronto, Canada and RIML has onshore and offshore funds.
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 consists of three divisions. The PV (photovoltaic) cell manufacturing division (Arise Germany) is located in Bischofswerda, Germany. As previously announced Arise Germany has entered into a voluntary insolvency process under German law. The PV silicon division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor 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 has been providing rooftop and ground-mounted PV solutions since 1996. ARISE continues to operate its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV.. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings. Please refer to these. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.
Risk factors relating to Arise are discussed in the Risk Factors section of the (final) prospectus supplement, ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.
Arise assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Arise Technologies Corporation
65 Northland Road
Canada N2V 1Y8
Chief Financial Officer