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Blue Sphere Signs LOI
Blue Sphere Signs LOI.
About this update from Blue Sphere Corp
[{"type":"text","content":"\n\n\n\nBlue Sphere Signs LOI\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBlue Sphere Signs LOI\nBlue Sphere Signs LOI to Acquire Combined 1.28MW Clean Energy Plants in Cortona, Italy.\nPR Newswire\nCHARLOTTE, N.C., April 19, 2016\n\n\n\nCHARLOTTE, N.C., April 19, 2016 /PRNewswire/ -- Blue Sphere Corporation (OTCQB: BLSP) (the \"Company\" or \"Blue Sphere\"), a clean-tech independent power producer that develops, owns and manages alternative energy facilities globally, announced today that the Company's wholly owned subsidiary, Eastern Sphere, Ltd, has signed a letter of intent to acquire five clean energy plants that convert vegetable oils into electricity.  The five facilities are located on adjoining properties in Cortona, Italy and produce a combined 1.28MW of electricity (collectively, the \"Facilities\"). Eastern Sphere will acquire the Facilities from Pronto-Verde AG; prior to the closing with the Company, Pronto Verde shall acquire full and undisputed title and ownership of the shares of owned by the five operating entities: B. Energia, s.r.l, Futurgreen, s.r.l, T-power, s.r.l, Bibi, s.r.l. and Silfer Energia, s.r.l. each located in Arezzo, Italy.  Each of the operating entities are managed and controlled by Pronto-Verde, AG. \n\n\nAs proposed in the letter of intent, Blue Sphere shall acquire from Pronto Verde a 100% interest in each entity. The proposed acquisition also includes all operating agreements including the remainder of the power purchase agreement (PPA) that is in place with Gestore del Servizi Energetici, S.p.A (GSE). GSE is a state owned company that promotes and supports renewable energy sources in Italy, under a power purchase agreement.  The Facilities' PPA runs through December 31, 2027.\n\nThe proposed aggregate purchase price for the Facilities is approximately $3,079,215 at the current Euro to Dollar currency conversion rate, or approximately three (3) times EBITDA.  The purchase price will be paid in a combination of cash at closing of approximately $2,508,990 and the balance of the purchase price shall be ...