Solar Energy Limited (the “Company”) is pleased to update its shareholders regarding the fulfillment of its corporate mission statement. The Company intends to focus its activities in the green energy market by establishing itself at the supply-end of the nuclear power chain: specifically, uranium exploration. Nuclear Power, a green energy source with a very low carbon emission footprint, is well established globally, with new reactors coming online annually in North America, Asia, Europe and the Middle East. The Company intends to explore prospective uranium properties with an eye to developing economically viable resources in the most productive uranium producing region in the world: the Athabasca Basin, Saskatchewan, Canada.
There are several reasons supporting the Company’s decision to pursue opportunities in nuclear energy. Firstly, the political will of the current US government has committed to a renaissance of the nuclear power industry. On February 16, 2010, the US Department of Energy made the following statement:
“Underscoring his Administration’s commitment to jumpstarting the nation’s nuclear power industry, President Obama today announced that the Department of Energy has offered conditional commitments for a total of $8.33 billion in loan guarantees for the construction and operation of two new nuclear reactors at a plant in Burke, Georgia. The project is scheduled to be the first U.S. nuclear power plant to break ground in nearly three decades.”
In addition, on February 22, 2010, Secretary of Energy Steven Chu made the following comments about nuclear energy and its importance in America’s energy landscape through his Facebook:
“…we need nuclear power as part of a comprehensive solution: investing in energy efficiency, wind, solar, geothermal, carbon capture, energy storage, electric vehicles, and more. In doing so, we are sparking a new industrial revolution that will create millions of new jobs here in the United States and lay the foundation for America’s long-term economic prosperity.”
Secondly, the Company believes that the uranium market is expanding and therefore highly undervalued at this time. Many resource analysts expect the demand for and price of uranium to increase in the near term. In an August 14, 2010 article by Cassandra Kyle of the Star Phoenix Star, Cameco Corporation (the largest producer of uranium in the world) gave the following statement on the future of uranium and nuclear energy:
“In the nuclear energy sector we’ve obviously looked beyond the immediate horizon. We know very well that the planet and its inhabitants are going to need ever-increasing supplies of clean energy.”
In addition, in the Energy Report (www.theenergyreport.com) February 13, 2010 article entitled “Rick Rule: Energy Bull,” Rick Rule, Founder and chairman of Global Resource Investment made the following statement:
“… Rick believes that the uranium story that fed the mania three years ago remains credible. In fact, he says, “Everything that was true in the uranium story three years ago was 10 years ago and it’s all true today, but it’s been priced differently.” That’s because uranium–which first captured his attention in the early 2000s when it was pretty unpopular, trading below $10 per pound and bottoming out at $7.10 on December 25, 2000–“is a strategic fuel that has a great place in the world’s energy mix. The world is consuming more uranium than it produces. . .the above-ground supply will eventually go away and there will be shortages.”
On September 22, 2010, Sprott Inc. announced the signing of a letter of intent reflecting an agreement in principle with Arthur Richards Rule IV and The Rule Family Trust to acquire all of the outstanding stock of Rule Investments Inc. “Rick Rule and his team are widely respected experts in the field of natural resource investing, with an excellent track record and a strong, loyal client base,” commented Eric Sprott, Chairman of Sprott. “This Transaction will unite two leading asset management teams with the shared goal of continuing to deliver superior investment performance to our collective clients and shareholders.”
The Company, which is in the process of assembling a team of experts and specialists to manage exploration acquisitions and activities, believes this to be a season for growth and expansion at the bottom of an important energy market.
A number of statements contained in this press release may be considered to be forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing. The actual results Solar may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Solar encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. Solar’s public filings may be viewed at www.sec.gov
SOURCE: Solar Energy Limited
Solar Energy Limited
Michael Gobuty, CEO
760-773-1111
