SAN DIEGO, May 21, 2015 /PRNewswire/ -- OneRoof Energy, Inc. ("OneRoof" or the "Company"), a residential solar services provider and wholly owned subsidiary of OneRoof Energy Group, Inc. ("OneRoof Energy") (TSXV: ON) today announced that it has closed the previously announced purchase of 100% of Black Coral Capital LLC's ("Black Coral") sponsor equity interest in OneRoof Energy's first tax equity fund. Specifically, OneRoof acquired Black Coral's wholly owned subsidiary, ORE Financing I, LLC, which owns 99.9% of the sponsor equity interest in ORE Development I, LLC, OneRoof's tax equity Fund I (the "Fund Interest").
As consideration for the Fund Interest, OneRoof Energy issued convertible notes to Black Coral in an aggregate principal amount of US$2.47 million ("Notes"). Each Note has a term of 43 months and is convertible into common shares of OneRoof Energy ("Common Shares") at the option of the holder at the conversion price of CDN$0.095 per Common Share for the first year after the closing of the purchase of the Fund Interest and at a conversion price of CDN$0.10 per Common Share for the remainder of the term of the Note. The Notes are subject to a statutory hold period of four months pursuant to Canadian securities laws, as well as any statutory hold periods mandated by relevant U.S. securities laws.
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof is partnering with traditional energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in seven states including Arizona, California, Hawaii, Massachusetts, New Jersey, Connecticut and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, are "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
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Investor Relations Contacts:
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OneRoof Energy Group, Inc.
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OneRoof Energy Group, Inc.
SOURCE OneRoof Energy, Inc.