Solar Energy Initiatives Announces the Planned Distribution of Solar Park Initiatives Shares
October 12 2010 - 8:30AM
Marketwired
Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in
solar project development, distribution and workforce training,
today announced that the company intends to distribute shares of
Solar Park Initiatives (OTCBB: SOPV). SNRY will file a registration
statement during the fourth quarter of 2010 with the U.S.
Securities and Exchange Commission (SEC), which will enable SNRY to
distribute SOPV shares upon being declared effective.
Under the spin-off agreement, Solar Energy Initiatives'
shareholders as of market close on October 29, 2010 will receive
one share of Solar Park Initiatives for every two shares of Solar
Energy Initiatives that they own. Upon the Registration Statement
being declared effective by the SEC, Solar Energy Initiatives will
distribute the shares of Solar Park Initiatives (OTCBB: SOPV)
common stock to SNRY stakeholders.
"Solar Energy Initiatives is committed to unlocking the value of
our emerging asset to our loyal shareholders," stated David Fann,
Chief Executive Officer of Solar Energy Initiatives. "Management
has determined that the distribution of SOPV shares to our
shareholders is in the best economic interest of both sets of
investors. This will allow Solar Park Initiatives to broaden its
shareholder base, while delivering value to the investors of Solar
Energy Initiatives. In order to facilitate this transaction, SNRY's
board of directors has agreed to file a registration statement with
the SEC. Our goal is to work toward an effective registration
statement as efficiently as possible so that the distribution can
be completed as soon as possible and ensuring that we comply with
all regulations and statutes. We would like to thank our
shareholders for their patience as we have been working on this
transaction diligently for the last year."
A registration statement relating to these securities will be
filed with the Securities and Exchange Commission. These securities
may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state.
About Solar Energy Initiatives, Inc. Solar
Energy Initiatives, Inc. (OTCBB: SNRY) is a diversified provider of
solar solutions with three principal operating groups focused on
large-scale projects, solar education and distribution of solar
products. SNRY Power is a developer and manager of municipal and
commercial scale solar projects. The SolarEOS Group is dedicated to
the education and continuous improvement of solar energy trade
professionals. SNRY Solar is a wholesale distributor of branded
photovoltaic and thermal (water heating) systems selling via a
network of dealers throughout the United States and the Caribbean.
Through its diversified portfolio of solar businesses, Solar Energy
Initiatives, Inc. is committed to restoring the nation's economy
through a grassroots campaign called "Renew the Nation." Renew the
Nation brings together a broad alliance of public and private
sector interests focused on workforce development, job creation and
economic growth through solar energy. For more information please
visit http://www.solarenergy-us.com/.
Contact: Investors: Solar Energy Initiatives, Inc. David
Fann Chief Executive Officer 904-644-6090 Email Contact or Alliance
Advisors, LLC Chris Camarra 212-398-3487 Email Contact
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