VANCOUVER, June 25, 2015 /PRNewswire/ - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR) has closed the previously announced acquisition of Solar Alliance of America ("Solar Alliance"). Under the terms of the Share Purchase Agreement (the "Agreement"), Finavera has acquired 100% of the equity in Solar Alliance for 11,915,238 shares of the Company and contingent payments of up to $4 million USD in cash comprised of up to four instalments of $1 million USD. The cash payments are staged and contingent upon Solar Alliance meeting quarterly EBITDA targets.
"This transaction marks a pivotal milestone for the Company and our shareholders," said Finavera CEO Jason Bak. "The residential solar market in America is growing at an incredible pace and with less than 1% of U.S. residential homes having installed solar systems, Solar Alliance is perfectly positioned to capitalize on that growth. We will be aggressively expanding the Solar Alliance brand throughout California in order to create a powerful player in the U.S. residential rooftop solar market."
The Company is immediately implementing a strategic marketing initiative in order to grow Solar Alliance sales, maximize profits from sales and expand into new markets. This initiative will be carried out in conjunction with an enhanced investor relations campaign designed to grow awareness of the Solar Alliance brand, business model and opportunities for investment. The Company believes the current revenue of Solar Alliance, combined with new growth and a strong investor appetite for publicly traded solar companies, will deliver a significant increase in value for Finavera shareholders moving forward.
Concurrent with the close of the transaction, and in order to more accurately reflect the Company's core business interest, Finavera Wind Energy will change its name to Finavera Solar Energy Inc. The Company's symbol, FVR, will remain the same.
The Company has received final approval for the acquisition from the TSX Venture Exchange.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera is focusing its renewable energy development efforts on residential and utility scale solar projects in America. Through its subsidiary, Solar Alliance of America, Finavera's mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers.
About Solar Alliance Of America Inc. (www.solarallianceofamerica.com)
Located in San Diego, California, Solar Alliance is a solar sales and marketing firm focused on residential solar installations. In 2013, Solar Alliance had $20.7 million in revenue and was ranked #49 on Inc. magazine's Top 500 list of America's Fastest Growing Private Companies, making it #2 in the San Diego Area and #9 on the list of Top 100 California companies. In 2012, Solar Alliance was rated #45 on the Top 500 list. From its inception in 2009, Solar Alliance has installed more than 1,500 residential solar systems in southern California.
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."
SOURCE Finavera Wind Energy Inc.