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Category: Investment, Solar
ICP Solar Provides Business Update
Company Continues to Cut Costs and Drive New Initiatives
MONTREAL, QUEBEC, CANADA – October 28, 2009 – ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer and marketer of innovative, proprietary solar panels and products, announced that the Company has taken further measures to cut costs and decrease overhead even as funds start to flow from the recently-announced financing transaction with its lead investors. The Company has reduced monthly SG&A expenses by over 50% compared with 2008.
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"ICP Solar continues to take the necessary steps to improve its business model ahead of the launch of our Energizer® product line," said Sass Peress, CEO. "In addition, our investors have already begun funding strategic marketing initiatives including the development of our online retail store energizersolar.com, which is expected to go live and begin generating revenue during December. The website will feature ICP Solar’s full Energizer® solar product line and supporting content to make shopping easy and hassle-free."
"We expect this new site to become a hub of activity for those people interested in learning more about solar energy and purchasing solar products", added Howard Firestone, Director of Online Marketing for Energizersolar.com. "We are on track to meet all customer requirements and are excited about the months to come."
About ICP Solar Technologies, Inc:
ICP Solar is a developer and marketer of solar panels, solar cell based products, solar monitoring software and solar power management solutions. Through the application of its own intellectual property and next-generation technologies, the Company aims to be the solar industry's innovation leader. For the past 20 years, ICP Solar has been a lead innovator in the consumer solar market and has now begun to apply that same innovation philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. ICP Solar markets its products under its sunsei® brand and, in the solar charger category, is the North American licensee of the Coleman® brand as well as the global licensee of the Energizer® brand. ICP Solar is also helping the environment by offering these solar technologies and green solutions to the renewable energy sector. The company's headquarters are located in Montreal, Canada, with an R&D center in St. John's Canada and additional locations in the USA, Ireland, France and the UK. Additional information may be found at www.icpsolar.com, www.sunsei.com, and www.sunsei.eu.
ICP Solar Technologies Inc.
Sass Peress, Chief Executive Officer
514-270-5770
Investor Relations:
Chris Witty
cwitty@darrowir.com
646-438-9385
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of ICP Solar Technologies Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in ICP Solar Technologies Inc.'s Annual Report for the fiscal year ended January 31,2009, as filed on EDGAR at www.sec.gov. The risk factors identified in ICP Solar Technologies Inc. Annual Report are not intended to represent a complete list of factors that could affect ICP Solar Technologies Inc. Accordingly, readers should not place undue reliance on forward-looking statements. ICP Solar Technologies Inc. does not assume any obligation to update the forward-looking information contained in this press release.
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