WATERLOO, ON, Nov. 1, 2011 /CNW/ - ARISE Technologies Corporation (TSX:
APV and Frankfurt: A3T) ("ARISE" or the "Company"), a leader in
high-performance, high-quality, cost-effective solar technology, today
announced that the Company has closed the second tranche of $200,000 of
the previously announced bridge loan ("Bridge Loan") from Radiant Offshore Fund Ltd ("Radiant"). The funds
have now been advanced to ARISE. In total ARISE has received $350,000
from the first two tranches of the Bridge Loan.
As stated in the media release of October 18, 2011, the purpose of the
Bridge Loan is to provide working capital bridge financing to Canadian
operations of the Company. The Bridge Loan bears interest at a rate of
12.0% per annum.
In addition, Haverstock Master Fund Ltd. has agreed to extend the
maturity date of the Haverstock bridge loan to the Company from
November 30 to December 15, 2011. All other terms of the Haverstock
bridge loan remain as previously announced October 18, 2011.
The Company will continue to provide regular updates to its shareholders
on the progress of the Company's negotiations in relation to the
proposed business combination.
Radiant Investment Management Ltd. (RIML) is an event-driven hedge fund
that employs a variety of strategies to generate alpha returns for its
investors. RIML made their first investment in Arise Technologies in
June 2010 and continues to be supportive of management and their
direction. RIML's head office is located in Toronto, Canada and RIML
has onshore and offshore funds.
Haverstock is an institutional investor with an investment objective to
seek capital appreciation through the general strategy of investing in
public securities of U.S. and non-U.S. companies, through direct equity
purchases from such companies. The portfolio manager of Haverstock,
David Ratzker, has structured more than US$300 million worth of private
equity investments in publicly traded corporations in a variety of
sectors including energy, cleantech, telecommunications, consumer, and
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
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 the (final) prospectus supplement, 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 or will be 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:
ARISE Technologies Corporation
65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8
Doug McCollam, Chief Financial Officer, (519) 772-5706