TORONTO, Aug. 26 /CNW/ - SonnenEnergy Corp. (TSX-V: PWR), a leading photovoltaic solar power systems integrator and solar power producer, today announced the appointment of the company's Chairman as President and Chief Executive Officer on an interim basis. The Board of Directors is initiating a process to identify a new President and Chief Executive Officer.
Mr. Dennis succeeds Sudhir Morar, who played a fundamental role in creating the company through the completion of a capital pool qualifying transaction whereby the acquisition was made of all of the shareholding interests in the capital of SonnenEnergie GmbH, and in raising initial capital to develop the business. Mr. Morar is leaving the company to pursue other opportunities. The Board of Directors extends its appreciation to Mr. Morar for his service and wishes him well in his future endeavours.
Since 1998, Mr. Dennis has been president of Cale Financial Corporation Inc., a limited market dealer registered with the Ontario Securities Commission. Until June 2006, he was also president of Flagship Capital Partners, a private merchant bank which invests in and assists entrepreneurial companies in raising capital. Throughout his career, Mr. Dennis has been involved in start-ups, acquisitions, and financings for a variety of businesses in industries as varied as real estate, film and television production, insurance, cosmetics, franchising, high technology, alternative energy, and investment management. Currently, Mr. Dennis acts as an advisor and mentor to the CEOs of fast growth companies. Mr. Dennis studied at Brown University and earned a law degree at the University of Western Ontario. He continues to be a member of the Law Society of Upper Canada.
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.
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