TORONTO, Sept. 26, 2011 /CNW/ - Forterra Environmental Corp (TSXV:FTE)
is pleased to announce today that its RTO merger target corporation -
OSM Solar Corp. has successfully negotiated an agreement to combine
assets with Solarform Canada Ltd. This strategic partnership is
intended to increase its presence in the growing North American solar
market and enhance its photovoltaic (PV) manufacturing facility in
Under this agreement Solarform Canada will receive up to 50 percent
ownership of OSM Solar in exchange for assets and a significant revenue
stream. OSM Solar will change its name to OSM Solarform Corp. and will
manufacture both the Symphony Energy and Juli New Energy PV solar panel
systems for North America. "This is an exciting time for OSM and the
solar industry in Ontario and we are pleased to have Solarform Canada
as our business partners," says John Gamble, President & CEO, OSM
Solar. "This move places OSM and Solarform in the forefront of the
growing North American solar industry with a world class manufacturing
plant and capacity of over 75MW. The arrangement helps to augment the
sales efforts of OSM ensuring maximum market penetration and addressing
the critical stage of development in the selling cycle and growth
profile of OSM".
OSM Solarform will now be offering poly and mono crystalline solar
modules from 180W to 310W in three size formats - all produced in its
75MW facility in Welland, Ontario. The company is also introducing the
custom manufacturing of BIPV "Building Integrated PV" which can be used
in lieu of typical windowpanes for the production of solar energy. As
the solar market continues to mature, demand for multiple size panels
and increasing efficiencies has become the norm. "The combination of
the Symphony and the Juli module systems coupled with the excellent
manufacturing and human resources from both companies provides the
industry with a wide array of quality, bankable, certified modules
direct from a North American manufacturer," says Bill Melnik,
President, Solarform Canada.
This bold move in the Ontario solar market demonstrates the OSM
Solarform commitment to the solar industry. It places the company in
the middle of Ontario's active feed-in-tariff (FIT) program and bodes
well for them as a major player in the North American market.
The combined Management team continues its aggressive marketing in both
the United States and the Caribbean as market expansion allows the
organization to reduce reliance on the FIT program and establish
long-term market stability.
Forterra's Board of Directors continues to prepare for the contemplated
RTO and expects to call for a shareholder meeting in the near term. The
Information Circular, required to approve the RTO, will provide updated
disclosure on all matters related to the business and activities of
Forterra as well as the future of the organization.
About Forterra Environmental Corp.
Forterra manufactures, markets, and sells environmentally friendly
organic soil amendment products based on worm castings, which boost
fertility while restoring the soil with organic matter for sustainable,
longer-term benefits, including stronger root growth, and drought and
pest resistance. Forterra products contain only organic material.
Further information is available on the company's website at
This press release contains forward-looking statements which reflect the
Company's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ significantly from those projected herein. Neither the TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Forterra Environmental Corp.
For further information:
Chairman & Chief Executive Officer
Forterra Environmental Corp.
Investor and Media Relations
OSM Solar Corp.
Phone: 289-488-1699 Ext 306