Update on credit facility and strategic review
July 03 2009 - 9:27AM
UK Regulatory
TIDMSIT
RNS Number : 1117V
Solar Integrated Technologies Inc
03 July 2009
Press Release
Solar Integrated Technologies, Inc
UPDATE ON CREDIT FACILITY AND REVIEW OF STRATEGIC ALTERNATIVES
London, UK and Los Angeles, California, July 3, 2009 - Solar Integrated
Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated
photovoltaic (BIPV) roofing systems, announced today that GE Energy Financial
Services has approved the extension of its loan and security agreement until
September 30, 2009, subject to the successful completion of the Company's
current strategy. In addition to the loan facility, GE 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.
On May 5, 2009, the Company announced that it had 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. This process remains ongoing.
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, in otherwise
securing financing or a buyer for the Company, or in its pursuit of other
potential strategic alternatives.
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:
+----------------------------+---+-----------------------------+--------------------+
| Investor Contacts | Juliet Thompson or Chris | Peter Krens |
| R. Randall MacEwen | Golden | Mirabaud |
| President & Chief Executive | Nomura Code Securities | Securities Limited |
| Officer | Limited | Joint-Broker |
| Solar Integrated Technologies, | Nominated Adviser and | +44 20 7878 3362 |
| Inc. | Joint-Broker | |
| +1 (562) 299-0136 | +44 20 7776 1200 | |
+--------------------------------+-----------------------------+--------------------+
| | | |
+----------------------------+---+-----------------------------+--------------------+
Media Contact
Chelsea Hayes
Pelham Public Relations
+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
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