October 17, 2011 / 12:05 PM / 6 years ago

UPDATE 2-Arise Technologies to pay Scheuten Solar about $1.3 mln

1 Min Read

Oct 17 (Reuters) - Solar technology company Arise Technologies said it will pay Scheuten Solar 920,066 euros ($1.3 million) after an arbitration hearing related to its dispute with the German solar panel-maker concluded last week.

Shares of the Waterloo, Ontario-based company fell 25 percent to 1.5 Canadian cents in early trade on Monday morning on the Toronto Stock Exchange. They later recovered to trade at 2 Canadian cents.

The arbitration was related to a dispute between the two companies over the lease of a photovoltaic cell manufacturing plant in Germany. Arise had signed the lease for the plant in 2009 and converted it into a technology centre to commercialize PV cell technology.

The company had cash and cash equivalents of about C$300,000 as of June 30, according to Thomson Reuters data.

Arise, which said it was disappointed with the arbitration decision, is still working with its financial adviser, Canaccord Genuity, to evaluate strategic alternatives.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below