TORONTO, Oct. 21 /CNW/ - SonnenEnergy Corp. (the "Corporation") (TSX-V: PWR), a leading photovoltaic solar power systems integrator and solar power producer, today announced that it intends to satisfy certain trade and other account liabilities through the issuance of common shares ("Common Shares") of the Corporation (the "Shares for Debt Transaction").
The Board of Directors of the Corporation has resolved to satisfy up to $1,000,000 of outstanding trade and other account liabilities owed by the Corporation and SonnenEnergie GmbH, a wholly-owned subsidiary of the Corporation, to various creditors ("Creditors") through the issuance of Common Shares at a price of $0.05 per share. The issuance of such Common Shares could result in up to 20,000,000 additional Common Shares being issued from treasury.
The Shares for Debt Transaction is subject to, among other things, (i) reaching definitive agreements with Creditors; (ii) approval of the Shares for Debt Transaction by the TSX Venture Exchange (TSX-V); and (iii) compliance with applicable securities laws.
Annual and Special Meeting
The Corporation would also like to confirm that its Annual and Special Meeting of Shareholders will be held at the offices of Fraser Milner Casgrain LLP, 1 First Canadian Place, 39th Floor, 100 King Street West, Toronto, Ontario on Monday, October 27, 2008 at 4:00 p.m. and not at the offices of Cassels Brock & Blackwell LLP as previously announced on October 9, 2008.
About SonnenEnergy
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.
Forward-Looking Statements
Forward-looking statements in this news release are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various risks and uncertainties as described in the company's amended and restated preliminary prospectus available at www.sedar.com. Such risks and uncertainties include, but are not limited to, the retention of key personnel, its dependence on suppliers for components for the systems that it designs and installs, the availability of silicon, its ability to expand sales, technology changes, unexpected warranty expenses or service claims, and its ability to meet its clients' expectations. SonnenEnergy assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.