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Category: Investment, Solar
Acro Energy (TSX Venture:ART) Signs Third Solar Acquisition at Solar Power International 2009
October 28 2009 - Acro Energy Technologies Corp. (TSX Venture:ART), a leading U.S. solar integrator, announced today that it has signed a Stock Purchase Agreement (the "Purchase Agreement") with Energy Efficiency Solar, Inc., a California corporation headquartered in Pomona, Calif. ("EE Solar") and William "Bill" Korthof, the sole shareholder of EE Solar.
EE Solar is a full-service solar energy company that has been installing residential and commercial solar systems in Los Angeles, Orange, and San Bernardino Counties since 1989. EE Solar generated approximately $4.2 million in revenue in 2008, servicing customers from its offices in Pomona and Orange. Korthof is the president of EE Solar and will join the Acro Energy team.
"We are excited to sign EE Solar as our third acquisition in the past eight months. Bill Korthof and his team in Pomona have done an exceptional job in building EE Solar," said Harry Fleming, chief executive officer at Acro Energy. "Their team will be pivotal in Acro Energy`s plans to expand into the southern California market."
"Southern California is the largest growth market for distribute solar," said Nat Kreamer, President of Acro Energy. "Bill and the EE Solar team give Acro a strong platform for helping more southern Californians - who pay among the highest rates for electricity in the Country - save with solar."
Under the Purchase Agreement, Acro Energy will acquire all of the issued and outstanding shares of EE Solar for a purchase price of $1,500,000, consisting of $250,000 cash, a promissory note in the amount of $750,000, and $500,000 of common stock issued from the treasury of the Company at a deemed price of CDN$0.24 per share. The company will also enter into an employment agreement with Korthof, as general manager, Pomona Operations.
The closing of this acquisition is subject to any necessary approval of the transaction by the appropriate authorities at the TSX Venture Exchange.
About Acro Energy
Acro Energy Technologies Corp. is focused on the consolidation and growth of renewable energy companies, primarily in the United States residential solar energy installation market. As a system integrator, Acro Energy provides practical solutions to individuals, businesses, non-profit organizations, and governmental entities that can benefit from the value of solar power. Acro Energy continues to evaluate suitable acquisition candidates across North America.
For more information, please visit www.acroenergy.com or email info@acroenergy.com.
On Behalf of the Board of Directors,
Douglas A. Samuelson, Executive Vice President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
Acro Energy Technologies Corp.
Investor contact:
Martin C. Spake, Chief Financial Officer,
713-715-1000
713-715-1000 x 3
mspake@acroenergy.com
or
Media contact:
Laura Pennino for Acro Energy,
281-286-9398
281-286-9398 x 1
or 713-419-1776
713-419-1776 (mobile) lp@penninoandpartners.com
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