Vancouver, Canada, April 4th, 2017 – Solar Alliance Energy, Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SAN, OTCQB: SAENF) is pleased to announce it has signed a Letter of Intent (“LOI”) for the acquisition of certain assets of a U.S. solar company (“Seller”). Pursuant to the LOI, Solar Alliance will acquire the Seller’s team of employees and acquire the Seller’s pipeline of in-process residential solar projects. In 2016, the team that the Company is acquiring sold more than 7 MW of residential solar systems, generating US$34,305,000 (unaudited) in revenue. The Company anticipates that this acquisition will materially increase revenues and net income at Solar Alliance.
“This proposed acquisition aligns perfectly with our expansion plans in the U.S. solar market,” said Chairman and CEO Jason Bak. “Our San Diego operation has shown strong progress over the last few months and adding this sales and marketing team will accelerate our growth. Combined with the project pipeline that is being acquired, this transaction will immediately drive significant value for Solar Alliance shareholders.”
In consideration for the assets, Solar Alliance will pay up to US$2,000,000 in contingent payments, subject to the following payment waterfall, and grant certain securities:
Further details regarding the acquisition will be announced when a definitive Transaction Agreement is reached with the Seller. The Company expects to sign the Transaction Agreement by April 14, 2017; however, there can be no assurance that the definitive Transaction Agreement will be entered into. Completion of the proposed Transaction Agreement remains subject to the satisfaction of a number of conditions precedent, including further due diligence and required TSX Venture Exchange approval.
Jason Bak, Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”