VANCOUVER, June 25, 2015 /CNW/ - Finavera Wind Energy
Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company')
(TSX-V: FVR) has closed the previously announced acquisition of
Solar Alliance of America ("Solar Alliance"). Under the terms
of the Share Purchase Agreement (the "Agreement"), Finavera has
acquired 100% of the equity in Solar Alliance for 11,915,238 shares
of the Company and contingent payments of up to $4 million USD in cash comprised of up to four
instalments of $1 million USD.
The cash payments are staged and contingent upon Solar
Alliance meeting quarterly EBITDA targets.
"This transaction marks a pivotal milestone for the Company and
our shareholders," said Finavera CEO Jason
Bak. "The residential solar market in America is growing at
an incredible pace and with less than 1% of U.S. residential homes
having installed solar systems, Solar Alliance is perfectly
positioned to capitalize on that growth. We will be
aggressively expanding the Solar Alliance brand throughout
California in order to create a
powerful player in the U.S. residential rooftop solar market."
The Company is immediately implementing a strategic marketing
initiative in order to grow Solar Alliance sales, maximize profits
from sales and expand into new markets. This initiative will
be carried out in conjunction with an enhanced investor relations
campaign designed to grow awareness of the Solar Alliance brand,
business model and opportunities for investment. The Company
believes the current revenue of Solar Alliance, combined with new
growth and a strong investor appetite for publicly traded solar
companies, will deliver a significant increase in value for
Finavera shareholders moving forward.
Concurrent with the close of the transaction, and in order to
more accurately reflect the Company's core business interest,
Finavera Wind Energy will change its name to Finavera Solar Energy
Inc. The Company's symbol, FVR, will remain the same.
The Company has received final approval for the acquisition from
the TSX Venture Exchange.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera is focusing its renewable energy development efforts on
residential and utility scale solar projects in America. Through
its subsidiary, Solar Alliance of America, Finavera's mission is to
create and operate a diversified portfolio of renewable energy
projects while protecting and enhancing the physical and social
environment. Finavera has developed over 360MW of wind
projects and subsequently sold them to utilities or large
independent power producers.
About Solar Alliance Of America Inc.
(www.solarallianceofamerica.com)
Located in San Diego, California, Solar Alliance is a
solar sales and marketing firm focused on residential solar
installations. In 2013, Solar Alliance had $20.7 million in revenue and was ranked #49 on
Inc. magazine's Top 500 list of America's Fastest Growing Private
Companies, making it #2 in the San Diego
Area and #9 on the list of Top 100 California
companies. In 2012, Solar Alliance was rated #45 on the Top
500 list. From its inception in 2009, Solar Alliance has
installed more than 1,500 residential solar systems in southern
California.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute
Forward-looking statements. The words "would", "will", "expected"
and "estimated" or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information
is subject to known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, level of
activity, performance or achievements to be materially different
than those expressed or implied by such forward-looking
information. Such factors include, but are not limited to:
uncertainties related to the ability to raise sufficient capital,
changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
"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."
SOURCE Finavera Wind Energy Inc.