Arise Technologies: Update on Commerzbank and Ontario Content
ARISE Technologies, a leader in high-performance, high-quality, cost-effective solar technology, announced that its German banker, Commerzbank AG ("Commerzbank" or "Bank"), has provided an extension to the date by which the ARISE must satisfy the conditions precedent under the Trust Agreement between the Bank and ARISE. Commerzbank has agreed to an extension until December 10, 2010. ARISE and Commerzbank are continuing discussions regarding a further extension in order to allow time for them to finalize updated banking agreements and allow time for ARISE to close its previously announced financing on or about December 14th.
The Trust Agreement between Commerzbank and ARISE is described in the Company's 2010 third quarter financial statements and Management Discussion & Analysis and requires the Company to have in place funds or binding commitments for the funding for a third production line at the Company's German PV Cell production plant by December 10, 2010.
ARISE also announced that, in December 2010, it will begin installing rooftop solar energy systems that fully meet the 2011 Ontario content rules. The Company will be exhibiting Ontario manufactured modules incorporating ARISE PV cells at the CanSIA conference in Toronto on December 6th and 7th, 2010.
About ARISE Technologies ARISE Technologies Corporation, based in Waterloo, Ontario, is a leader in high-performance, high-quality, 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%. 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 PV solutions for solar farms and rooftop installations since 1996 throughout North America. ARISE is planning to expand 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 and on the Frankfurt Open Market Exchange under the symbol A3T. 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 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 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.
For further information:
ARISE Technologies Corporation 65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8 Doug McCollam, Chief Financial Officer, (519) 772-5706 Doug.McCollam@arisetech.com www.arisetech.com Investor Relations: Glen Williams The Equicom Group (416) 815-0700 x272 firstname.lastname@example.org