Acro Energy Announces Los Angeles Area Expansion
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HOUSTON--(Business Wire)--
Acro Energy Technologies Corp. (TSX Venture: ART) a leading residential solar
installation company, has signed a Letter of Intent to acquire Energy Efficiency
Solar, Inc. ("EE Solar") of Pomona, California.
Under the Letter of Intent, Acro Energy would acquire all of the issued and
outstanding common shares of EE Solar for a purchase price of $1,950,000
consisting of a combination of cash, a promissory note, common stock in Acro
Energy, and assumption of EE Solar debt.
EE Solar is a full-service solar energy company, 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. Bill Korthof is the
President of EE Solar today and will join the Acro Energy team.
"We are excited about adding Bill Korthof and EE Solar to Acro Energy," said
Harry Fleming, Chief Executive Officer at Acro Energy. "The acquisition of EE
Solar is the first step in Acro Energy`s movement into Southern California. We
believe that EE Solar and Acro Energy will build on each other`s strengths. This
transaction is consistent with Acro Energy`s strategy of acquisition of leading
independent solar installation companies, in addition to organic growth," added
Fleming.
"Southern California promises to be a strong growth market for us," said Nat
Kreamer, President (Interim) of Acro Energy. "Together, Bill Korthof and the
team at EE Solar have a solid foundation for profitably delivering our high
level of service to consumers planning to save money by going solar in the Los
Angeles metro region."
Completion of the transaction is subject to a number of conditions, including
negotiation and execution of a definitive acquisition agreement, completion by
Acro Energy of a satisfactory due diligence review of EE Solar, receipt of all
necessary contractual, regulatory and governmental consents and approvals, the
absence of any material adverse change affecting EE Solar, and any necessary
approval of the transaction by 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. Acro Energy continues to evaluate suitable
acquisition candidates across North America.
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.
Douglas A. Samuelson, 713-715-1000
Executive Vice President
info@acroenergy.com
www.acroenergy.com
Copyright Business Wire 2009
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