Sustainable Energy Announces $3 Million Tax EquityLast Update: 10/18/2010 5:00:47 PM
CALGARY, ALBERTA, Oct 18, 2010 (Marketwire via COMTEX) --STG Markets Limited Partnership(STG) ("STG Markets") announced today that it will issue up to 300exchangeable limited partnership units ("LP Units") at a price of$10,000 per LP Unit. The LP Units are exchangeable for common shares ofSustainable Energy Technologies Ltd ("Sustainable Energy" of the"Company") after December 31, 2010, at an exchange ratio of
.15 pershare.
Since introducing the "SUNERGY" inverter in May of this year,Sustainable Energy has built a substantial order book in Ontario, theUnited States and Europe. The net proceeds of the issue will be used toprovide liquidity to manufacture additional SUNERGY inverters for thesemarkets. In addition to the equity provided by this offering, DoughtyHanson the Company's largest shareholder has committed to invest up to$3 million in exchange for First Preferred Shares (See News Releasedated August 23, 2010).
"Current production of the SUNERGY inverter for the Ontario market isfully booked into 2011, and we have been required to put customers onallocation until we can commit to additional production," said MichaelCarten, Chief Executive Officer of Sustainable Energy. "The equityfunding will help us to accelerate production into the first Quarter of2011 as well as to secure longer lead time components."
STG Markets is a limited partnership controlled by Sustainable Energywhich carries on the Company's operations within the Sustainable Energygroup of companies. Investors acquiring LP Units are entitled to theirproportionate share of non-capital losses incurred by the Partnershipduring the 2010 calendar year to a maximum of $10,000 per LP Unit.
LP Units of the Partnership and common shares of Sustainable issued inexchange for LP Units will be subject to a 4 month hold period from thedate of closing which is expected to be October 29, 2010. The sellingconcession will be 7% of gross proceeds plus 7% broker warrantsexercisable for 12 months from closing at
.15/share.
About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) is a Canadian company which designs and manufactures advanced powerelectronics enabling solar PV systems to be installed using an extra lowvoltage "parallel" system architecture. With" parallel solar" eachpanel operates at its optimum power output under all conditions. Systemoutput is thereby less prone to shading losses from normal buildingobstruction, dirt and debris, or mismatch losses from variances inorientation of the panels due to building design limitations.
The benefits of parallel solar are: (i) 5% - 25% higher total systempower output; (ii) more panels can be installed on each site resultingin higher revenues per sale for the distributor; and higher revenues forthe project owner; (iii) the elimination of solar PV specialistsreducing installation costs and enabling distribution and installationby mainstream building trades; and (iv) extra low household leveloperating voltages eliminating the risk of serious injury or death fromelectrocution with conventional high voltage systems
Sustainable Energy's SUNERGY inverter is the only inverter to enableparallel solar in higher power ratings and with a delivered cost that iscompetitive with conventional grid connected solar PV inverters.
Sustainable Energy's technologies are the subject of multiple patentsissued by and pending with the US Patent and Canadian Patent Offices.
Forward Looking Information
The reader is advised that some of the information herein may constituteforward-looking statements within the meaning assigned by NationalInstruments 51-102 and other relevant securities legislation. Inparticular, it includes: statements concerning the impact of ourtechnology on solar PV system performance; statements concerningforecast production of SUNERGY inverters and targeted productioncapacity and statements concerning the potential for growth in the solarindustry. While management believes these statements to be accuratethey are dependent on a wide range of factors beyond management'scontrol and should not be viewed as a guarantee of the specific outcome.Forward-looking information is not a guarantee of future performanceand involves a number of risks and uncertainties.
Many factors could cause the Companies' actual results, performance orachievements, or future events or developments, to differ materiallyfrom those expressed or implied by the forward-looking information.Readers are cautioned not to place undue reliance on forward-lookinginformation, which speaks only as of the date hereof. The Companies donot undertake any obligation to release publicly any revisions toforward- looking information contained herein to reflect events orcircumstances that occur after the date hereof or to reflect theoccurrence of unanticipated events, except as may be required underapplicable securities laws.
SOURCE: Sustainable Energy Technologies Ltd.
Sustainable Energy Technologies Ltd.Michael CartenChief Executive Officer(403) 508-7177 #111
Copyright (C) 2010 Marketwire. All rights reserved.