Solar Integrated Technologies Inc
23 December 2005
SOLAR INTEGRATED ANNOUNCES CONVERSION OF $4 MILLION OF NOTES
London, UK, December 23, 2005 - Solar Integrated Technologies, Inc. (AIM:
SIT.LN), a leading provider of commercial building integrated photovoltaic
(BIPV) roofing systems, announced today that, pursuant to the terms of
previously issued convertible notes, an investor has converted an aggregate of
US$4,000,000 of notes into 1,179,245 shares of Solar Integrated common stock at
a conversion rate of US$3.392 per share. After giving effect to this conversion,
Solar Integrated has 34,641,955 shares issued and outstanding. Application has
been made for the new common shares, which rank pari passu with the existing
common shares, to be admitted to AIM. Admission to AIM is expected to take place
on December 30, 2005.
On November 7, 2005, Solar Integrated announced that it had closed a $37 million
private placement of convertible notes. The notes mature on November 1, 2010 and
bear interest at 6.5% per annum, subject to adjustment in certain circumstances.
The notes are convertible, at the option of the holder, into Solar Integrated
common stock at a conversion price of $3.392 per share, subject to adjustment in
certain circumstances. The initial conversion price represented a 16% premium to
the average of the closing prices of Solar Integrated's common stock during a
10-day pricing period that yielded an average closing price per share of
£1.6395, and converted to US dollars at the then effective exchange rate. The
notes are subordinate to existing and future secured debt of the Company to the
extent of the value of the assets securing that debt. No application has been,
nor is expected to be, made for the convertible notes to be listed or quoted on
any public exchange.
About Solar Integrated
Solar Integrated Technologies, Inc. (AIM: SIT.LN) is a leader in the manufacture
and development of building integrated photovoltaic (BIPV) systems for
commercial roofing and mobile power applications enabling the production of
reliable, renewable and economic electrical power. Customers include Coca-Cola
Enterprises, Frito-Lay, ProLogis, San Diego Unified School District, Wal-Mart
and other municipal and blue chip companies. For more information, visit
www.solarintegrated.com
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