Exercise of Warrants

RNS Number : 2509X
Solar Integrated Technologies Inc
23 June 2008

SOLAR INTEGRATED ANNOUNCES CHAIRMAN EXERCISE OF WARRANTS AND STOCK SALE; �2.31 MILLION PAID TO COMPANY
- COGHILL CAPITAL MANAGEMENT BECOMES 12.4% SHAREHOLDER -
Los Angeles, California and London, UK, June 23, 2008 - Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building
integrated photovoltaic (BIPV) roofing systems, today announces that the UPC group of renewable energy companies operating in Europe, Asia
and the U.S., through an affiliated entity, SI Holdings, BV, which is majority owned by Brian E. Caffyn, the non-executive Chairman of the
Board of Directors of Solar Integrated, has exercised a warrant to purchase 7,700,000 common shares of Solar Integrated at an exercise price
of �0.30 per share resulting in aggregate proceeds to the Company of �2.31 million (currently equivalent to approximately U.S.$4.6 million).
The 7,700,000 common shares represents 7.8% of the enlarged issued share capital. The warrant was previously issued in connection with the
Company's December 2006 equity capital raise and related restructuring. SI Holdings, BV has also sold 5,000,000 shares of the Company to CCM
Master Qualified Fund, Ltd., a fund managed by Coghill Capital Management, LLC, at �1.07 per share, the closing bid price of the Company's shares on June 20, 2008. The 5,000,000
common shares represents 5.0% of the enlarged issued share capital. After giving effect to these transactions, funds managed by Coghill
Capital Management hold 12.4% of the Company's enlarged issued share capital.
Including shares previously held, SI Holdings, BV, now holds 4,533,333 shares, representing 4.6% of the enlarged issued share capital.
As part of the sale, Mr. Caffyn has agreed, on behalf of SI Holdings, BV, to a lock-up or resale restrictions for these remaining shares
until June 30, 2009. SI Holdings, BV also holds a warrant to purchase 3,300,000 shares of the Company at �2.50 per share. The sale of the
5,000,000 shares occurred after market close on June 20, 2008 which was the effective date of notification to Solar Integrated.
"With the Company's growth plan and UPC's continued investment in complementary solar activities in Europe and the U.S., the timing was
right to exercise the warrant and get that capital into the Company," stated Brian E. Caffyn. "It is my intent to continue as the
non-executive Chairman and remain a significant shareholder of the Company. I am proud of the Solar Integrated team and their
accomplishments over the past 18 months, including the progress made to date to improve the Company's financial performance."
"This is an excellent outcome for the Company for three reasons," stated R. Randall MacEwen, President & CEO of Solar Integrated.
"First, as these warrants are already included in our fully diluted share count, this �2.31 million is our lowest cost of capital and
supports our working capital requirements. Second, UPC plans to further invest in complementary solar activities that are expected to drive
continued value for Solar Integrated. Mr. Caffyn's UPC group of companies have already been valuable customers, with $16.5 million of
business over the past year, and we expect a multiple of that going forward. And third, we are honoured with the continued confidence in
Solar Integrated's business plan and execution capabilities that underlie Coghill's increased investment. Coghill Capital Management is a
high quality investor with a proven track record on its investment approach, including its PV investments."
The 7,700,000 new common shares issuable upon the exercise of the warrant will be issued as fully paid and will rank pari passu in all
respects with the existing issued and outstanding common shares, including as to voting rights and the right to receive any future dividends
and other distributions. The Company's enlarged issued share capital (i.e. after giving effect to the exercise of warrants) has 99,331,105
common shares issued and outstanding. Application will be made for admission of the 7,700,000 common shares to AIM which is expected to be
effective on 27 June 2008.
About Solar Integrated:
Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that manufactures, designs and installs building
integrated photovoltaic (BIPV) roofing systems for non-residential, low-slope rooftops. We are a leader in the development of an innovative
and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale
commercial and industrial applications. Our BIPV roofing system enables our customers to transform a traditional rooftop into a
value-generating asset.
Our proprietary 'no compromise' approach for solar roofing is fundamental to our vision of BIPV solutions. Unlike typical after-market
solar panel providers, we provide an integrated BIPV roofing system that meets the customer's energy, environmental and roofing
requirements. Our lightweight, flexible and durable product typically forms the top layer of the customer's roof with no additional roofing
penetrations, thereby preserving the roof's structural integrity and aesthetics, while also delivering the full benefits from electricity
generation through clean, secure natural sunlight.
Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA, Metro, ProLogis, San Diego Unified School
District, Tesco, Toyota, Unibail-Rodamco, UPC Energy Management, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield. For
more information, please visit www.solarintegrated.com.
For more information, please contact:

Solar Integrated Investor Contacts:
Solar Integrated Technologies, Solar Integrated Technologies, Inc
Inc John M. Palumbo
R. Randall MacEwen Chief Financial Officer
President & Chief Executive Los Angeles, California, USA
Officer +1.562.299.0121
Los Angeles, California, USA
+1.562.299.0136

KBC Peel Hunt Ltd. Mirabaud Securities Limited
Nominated Advisor and Joint-Broker
Joint-Broker Peter Krens or Kim Richardson
Jonathan Marren or Oliver +44.20.7878.3362
Stratton
+44.20.7418.8900

Solar Integrated Media Contacts:
Pelham Public Relations
Chelsea Hayes or Robert Koh
+44. 20.7743.6675
Thinking Integrated. Building Integrated.
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This information is provided by RNS
The company news service from the London Stock Exchange

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