ARISE Technologies Announces Filing of Insolvency Proceedings at its German Technology Centre

WATERLOO, ON, Nov. 8, 2011 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), ("ARISE" or "the Company"), today announced that it has voluntarily filed to place its wholly-owned German subsidiary, ARISE Technology Centre GmbH, ("ARISE Germany") into structured insolvency.

The Technology Centre was created in October, 2009 when the Company finalized its agreement with Scheuten Solar to purchase the operation which is located in Gelsenkirchen, Germany.  On October 17, 2011, the Company announced that it was directed by an arbiter in Germany to pay Scheuten Solar the amount of Euro 920,066. ARISE was disappointed to learn of this decision. Under the present conditions, it is not feasible to continue operating the Technology Centre. 

The German court is expected to assign an insolvency manager for the Technology Centre to work with ARISE management during the transition period.  Proceedings are expected to follow a similar process to that which is currently underway at ARISE's Bischofswerda facility.

ARISE continues to work with its financial advisor, Canaccord Genuity, and will continue to provide regular updates to its shareholders on the progress of the Company's negotiations in relation to the proposed business combination.

About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology.  The company consists of three divisions.  The PV (photovoltaic) cell manufacturing division (ARISE Germany) is located in Bischofswerda, Germany.  As previously announced ARISE Germany has entered into a voluntary insolvency process under German law.  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 rooftop and ground-mounted PV solutions since 1996. ARISE continues to operate 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.

SOURCE ARISE Technologies Corporation

For further information:

ARISE Technologies Corporation
65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8
Doug McCollam, Chief Financial Officer, (519) 772-5706

 

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ARISE Technologies Corporation

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