WATERLOO, ON, Feb. 28 /CNW/ - ARISE Technologies Corporation ("ARISE" or
the "Company") (TSX: APV) (Frankfurt: A3T), a leader in
high-performance, high-quality, cost-effective solar technology, today
announced that discussions are continuing with the parties involved in
the extension of its trust agreement with Commerzbank AG ("Commerzbank"
or the "Bank"). As detailed in the Company's press release issued on
February 1, 2011, ARISE was required to meet certain conditions by
February 28, 2011, in order to secure an extension of the Company's
loan facilities with the Bank until December 31, 2011. Fulfilling
certain of the required conditions has taken longer than originally
anticipated. As a result, ARISE management continues to conduct
discussions with all parties involved and will provide an update on the
progress of these discussions in the near future.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is a leader
in high-performance, cost-effective solar technology. The company
operates through three divisions. The PV Cell Division manufactures PV
(photovoltaic) cells at its first manufacturing plant opened in April
2008 in Bischofswerda, Germany. The division is developing proprietary
technology with a target of achieving a step-by-step progression to a
high-efficiency level of greater than 20%. The PV Silicon Division is
using a proprietary method to produce silicon at 7N+ high-purity
(99.99999% purity) for PV cell applications, based on a simplified
chemical vapor deposition process. The division is focusing on scaling
up its process to provide ARISE with control over its supply, costs,
and quality. The PV Systems Division has been providing PV solutions
for solar farms and rooftop installations since 1996 throughout North
America. ARISE is planning to expand its systems business in Ontario
under the Ontario FIT (Feed-In Tariff) program.
The Company's shares are listed on the Toronto Stock Exchange under the
symbol APV and on the Frankfurt Open Market Exchange under the symbol
A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be
forward-looking. Such statements are based on management's current
expectations, estimations, and assumptions based on experience, trends,
and other factors that are subject to the significant risks and
uncertainties described in our regulatory filings. Please refer to
these. Such risks and uncertainties may include, but are not limited
to, the effects of general economic conditions, changing foreign
exchange rates, actions by government authorities, the requirement for
additional capital, risks associated with manufacturing, industry
supply levels, competitive pricing pressures and misjudgements in the
course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section
of ARISE's Annual Information Form and under the headings Liquidity and
Capital Resources and Risk and Uncertainties in ARISE's year-end
Management's Discussion and Analysis which are available at www.sedar.com. These factors should be considered carefully, and readers should not
place undue reliance on ARISE's forward-looking statements.
ARISE assumes no obligation to update any forward-looking statements or
to update the reasons why actual results could differ from those
reflected in the forward-looking statements.
SOURCE ARISE Technologies Corporation
For further information:
The Equicom Group
(416) 815-0700 x272