TORONTO, Nov. 24 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the Company") (TSX-V: PWR), a leading photovoltaic solar power systems integrator and solar power producer, today announced that it has signed an agreement (the "Agreement") with ASG Financial Corp. ("ASG"), and ASG Solar Power Income Fund Limited Partnership ("ASG Solar Power Income Fund" or the "Fund") pursuant to which SonnenEnergy will have the exclusive right to source, build and maintain solar parks for the Fund.
"We are very pleased to become the exclusive integration partner for ASG Solar Power Income Fund's solar park projects," said Jeff Dennis, President and CEO of SonnenEnergy. "This agreement could potentially provide our integration business with ongoing solar park construction revenues as well as long-term service and maintenance agreements. We are currently in the process of conducting due diligence on several potential solar park sites and expect to announce the first project with the Fund during the first quarter of 2009."
Under the terms of the Agreement SonnenEnergy will i) identify solar park opportunities; ii) design, build and project manage the projects; and iii) provide management and maintenance services under long-terms contracts.
Pursuant to the terms of the Agreement, after the Fund invests in a minimum of CAD $30 million of solar park projects built by SonnenEnergy, ASG will earn a finders fee equal to the lesser of: (i) 60,000 warrants for every CAD $1.0 million invested (debt and equity) in solar parks in excess of such CAD $30 million and up to a maximum of CAD $200 million, either built by SonnenEnergy for the Fund or sold by SonnenEnergy to the Fund pursuant to the terms of this agreement; or (ii) such lesser amount of warrants as may be permitted by the provisions of Toronto Venture Exchange Policy 5.1. The warrants will be granted to ASG upon delivery of the equity investment by the Fund, pro-rata in tranches of CAD $1 Million (not to exceed CAD $30 Million in equity in total) and will vest upon the completion and delivery of the solar parks to the Fund based upon investment in each solar park delivered. The warrants shall be exercisable by the Fund for a period of 2 years commencing upon the issuance of such warrants. Subject to such lower exercise price as may be allowable in accordance with the policies of the TSX Venture Exchange (or such other exchange as SonnenEnergy's common shares may trade on from time to time), the exercise price of such warrants shall be equal to the weighted-average closing price of SonnenEnergy's common shares on such exchange for the previous 90 days prior to the grant of the warrants from time to time.
About SonnenEnergy Corp.
SonnenEnergy is a solar power systems integrator and solar power producer. The company markets, sells, designs, installs, operates, and maintains grid-connected solar power systems and, since 2004, has installed more than 160 photovoltaic (PV) solar power systems for commercial and residential customers. The company also operates solar power plants in southern Germany, which have total installed capacity of more than 5,000 kWp. SonnenEnergy's corporate offices are located in Toronto, Ontario and its European operations are based in Polling, Germany, with a sales office in Italy. For more information, please visit SonnenEnergy's website at www.sonnenenergy.com.
About ASG Solar Power Income Fund Limited Partnership
The ASG Solar Power Income Fund is an exclusive offering of ASG Financial Corp. The ASG Solar Power Income Fund offers high income and high net worth investors with a tax-advantaged opportunity to own income generating solar parks, across Europe and North America, and to participate in the global expansion of solar energy power production. The ASG Solar Power Income Fund is a Canadian based Limited Partnership available to accredited investors throughout Canada.
About ASG Financial Corp.
ASG Financial Corp. is a Canadian investment services firm, established in 1988, which has syndicated more than CAD $1 billion in real estate and private equity investments. For more information on the ASG Solar Power Income Fund LP or ASG Financial Corp. contact Paul Ghezzi or Allan Grossman at (416) 598-2868 or visit www.asgfinancialcorp.com.
Special Note Regarding Forward-looking Statements
This press release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in those statements. The statements contained in this press release speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.