Update on Credit Facility
March 31 2009 - 2:01AM
UK Regulatory
TIDMSIT
RNS Number : 7617P
Solar Integrated Technologies Inc
31 March 2009
UPDATE ON CREDIT FACILITY
London, UK and Los Angeles, California, March 31, 2009 - Solar Integrated
Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated
photovoltaic (BIPV) roofing systems, announces today that the Company has
extended the term of its loan and security agreement with an affiliate of GE
Energy Financial Services (GE) until May 15, 2009.
The Company has also signed a non-binding term sheet with a commercial lender
relating to an asset-based revolving line of credit for up to $25 million. The
Company believes that it will close this new credit facility prior to May 15,
2009.
In connection with the extension of the GE facility, the Company has agreed to
reduce the exercise price of the warrant to purchase 2,617,353 common shares of
the Company previously issued to GE at an exercise price of GBP0.20 per share to
a new exercise price of GBP0.12 per share.
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 commercial rooftops. Our BIPV roofing systems enable our
customers to transform a rooftop into a value-generating asset. Our customers
include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA,
Johnson Controls, Metro, Portland General Electric, ProLogis, San
Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, U.S. Air Force,
U.S. GSA, U.S. Navy and Westfield. For more information, please visit
www.solarintegrated.com.
For more information, please contact:
Solar Integrated Investor Contacts:
+----------------------------------------+----------------------------------------+
| Solar Integrated Technologies, Inc | |
| R. Randall MacEwen | |
| President & Chief Executive Officer | |
| Los Angeles, California, USA | |
| +1.562.299.0136 | |
+----------------------------------------+----------------------------------------+
| | |
+----------------------------------------+----------------------------------------+
| Nomura Code Securities Limited | Mirabaud Securities Limited |
| Nominated Adviser and Joint-Broker | Joint-Broker |
| Juliet Thompson or Chris Golden | Peter Krens or Kim Richardson |
| +44.20.7776.1200 | +44.20.7878.3362 |
+----------------------------------------+----------------------------------------+
| | |
+----------------------------------------+----------------------------------------+
Solar Integrated Media Contacts:
Pelham Public Relations
Chelsea Hayes / Robert Koh
London, UK
+44 207 337 1523
Thinking Integrated. Building Integrated.
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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