Acro Energy Realigns Management Team and Closes Private Placement
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HOUSTON--(Business Wire)-- Acro Energy Technologies Corp. (TSX Venture: ART), a leading US solar integrator, has named Steve Vella as Director, Business Development, effective immediately, to focus on the Company`s national expansion efforts. Vella is moving out of the position of Chief Operations Officer. "Steve`s experience building solar businesses is going to give us great leverage as we expand across the country," said Nat Kreamer, president of Acro Energy. "Steve`s background and experience will be instrumental in our expansion efforts," said Harry Fleming, chief executive officer of Acro Energy. "We believe we can leverage Steve`s talents as we evaluate current acquisition candidates and decide the order of future acquisitions to the Acro family of companies to create a national footprint." "I am thrilled to help create and deploy the growth initiatives that Acro Energy will be introducing in the next six months," said Vella. The Company also announces that it has received TSX Venture Exchange approval to close the $0.185 non-brokered private placement announced on October 30, 2009 (the "Private Placement"). The Company raised gross proceeds of $436,792 from the sale of 2,361,038 units (the "Units") at a price of CDN $0.185 per Unit. Each Unit is composed of one common share in the Company and one share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional share of the Company at an exercise price of CDN$0.35 per Share for a period of two years following the closing of the Private Placement. The Units are subject to a four-month hold period expiring March 5, 2010. 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 provides practical solutions to individuals, businesses, non-profit organizations, and governmental entities that can benefit from the value of solar power. As a high end system integrator, Acro Energy offers quality products from leading solar module manufacturers including SunPower, SunTech, and Sharp. 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 Investor contact: Martin C. Spake, 713-715-1000 X 3 Chief Financial Officer, mspake@acroenergy.com or for Acro Energy Media contact: Laura Pennino, 281-286-9398 X 1 or 713/419-1776 (mobile) lp@penninoandpartners.com Copyright Business Wire 2009
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