Oct 17 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.