Review of Strategic Alternatives
May 05 2009 - 2:00AM
UK Regulatory
TIDMSIT
RNS Number : 6578R
Solar Integrated Technologies Inc
05 May 2009
SOLAR INTEGRATED TECHNOLOGIES
REVIEW OF STRATEGIC ALTERNATIVES AND UPDATE ON CREDIT FACILITY
London, UK and Los Angeles, California, May 5, 2009 - Solar Integrated
Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated
photovoltaic (BIPV) roofing systems, announced today that it has retained Thomas
Weisel Partners LLC (TWP) as its financial advisor. TWP is assisting the
Company's board of directors and management in evaluating strategic alternatives
to enhance shareholder value including, but not limited to, a possible sale of
the Company and various financing alternatives. In connection with this process,
the Company is actively pursuing discussions with potential strategic purchasers
and is currently in discussions.
The Company also announced that it has discontinued its discussions with a
commercial lender relating to an asset-based revolving line of credit of up to
$25 million. This credit facility was expected to replace the Company's existing
facility with an affiliate of GE Energy Financial Services (GE). The Company
also announced that it has extended the term of its loan and security agreement
with GE Energy Financial Services until July 3, 2009.
In addition to the facility, the GE unit currently holds a warrant to purchase
2,617,353 common shares of the Company at an exercise price of GBP0.12 per share
expiring December 31, 2013.
The board of directors and management cautions the Company's shareholders and
others considering trading in its securities that there is no assurance that the
Company will be successful in further extending the facility, or in otherwise
securing financing or a buyer for the Company.
The Company expects to announce is preliminary unaudited 2008 results later this
month.
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 |
| +44.20.7776.1200 | +44.20.7878.3362 |
+----------------------------------------+----------------------------------------+
| | |
+----------------------------------------+----------------------------------------+
Solar Integrated Media Contacts:
Pelham Public Relations
Chelsea Hayes / Robert Koh
London, UK
+44 207 743 6675
This information is provided by RNS
The company news service from the London Stock Exchange
END
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