SNRY Shareholders to Receive SOPV Stock
Solar Energy Initiatives, with businesses in solar project development, distribution and workforce training, today announced that the company intends to distribute shares of Solar Park Initiatives. SNRY will file a registration statement during the fourth quarter of 2010 with the U.S. Securities and Exchange Commission (SEC), which will enable SNRY to distribute SOPV shares upon being declared effective.
Under the spin-off agreement, Solar Energy Initiatives’ shareholders as of market close on October 29, 2010 will receive one share of Solar Park Initiatives for every two shares of Solar Energy Initiatives that they own. Upon the Registration Statement being declared effective by the SEC, Solar Energy Initiatives will distribute the shares of Solar Park Initiatives common stock to SNRY stakeholders.
“Solar Energy Initiatives is committed to unlocking the value of our emerging asset to our loyal shareholders,” stated David Fann, Chief Executive Officer of Solar Energy Initiatives. “Management has determined that the distribution of SOPV shares to our shareholders is in the best economic interest of both sets of investors. This will allow Solar Park Initiatives to broaden its shareholder base, while delivering value to the investors of Solar Energy Initiatives. In order to facilitate this transaction, SNRY’s board of directors has agreed to file a registration statement with the SEC. Our goal is to work toward an effective registration statement as efficiently as possible so that the distribution can be completed as soon as possible and ensuring that we comply with all regulations and statutes. We would like to thank our shareholders for their patience as we have been working on this transaction diligently for the last year.”
A registration statement relating to these securities will be filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Solar Energy Initiatives, Inc. Solar Energy Initiatives, Inc. is a diversified provider of solar solutions with three principal operating groups focused on large-scale projects, solar education and distribution of solar products. SNRY Power is a developer and manager of municipal and commercial scale solar projects. The SolarEOS Group is dedicated to the education and continuous improvement of solar energy trade professionals. SNRY Solar is a wholesale distributor of branded photovoltaic and thermal (water heating) systems selling via a network of dealers throughout the United States and the Caribbean. Through its diversified portfolio of solar businesses, Solar Energy Initiatives, Inc. is committed to restoring the nation’s economy through a grassroots campaign called “Renew the Nation.” Renew the Nation brings together a broad alliance of public and private sector interests focused on workforce development, job creation and economic growth through solar energy. For more information please visit http://www.solarenergy-us.com/.
Contact:
Investors:
Solar Energy Initiatives, Inc.
David Fann
Chief Executive Officer
904-644-6090
or
Alliance Advisors, LLC
Chris Camarra
212-398-3487
SOURCE: Solar Energy Initiatives
