ARISE Co-recipient of Contract to Install Solar PV on Region of Waterloo Rooftops
WATERLOO, ON, Aug. 16, 2011 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company') (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced that its Systems Division is the co-recipient of a contract to supply several buildings owned by the Region of Waterloo with rooftop solar photovoltaic ("PV") systems totaling 310 kilowatts (kW), following a public tender process. The total value of the contract is approximately $2.5 million.
In response to the Region of Waterloo's Request for Proposal, and in partnership with one of Canada's leading construction companies, ARISE submitted a joint proposal to design, supply, install and commission six rooftop PV systems. Both companies are currently in discussions with the Region of Waterloo to determine project rollout and installation schedules.
"We are pleased to be working on this project and to once again be selected by the Region of Waterloo to help fulfill its progressive and widespread renewable energy initiative," said Dan Shea, President and CEO of ARISE. "To achieve this mandate through a public tender also demonstrates the superior quality of our product and the competitiveness of our pricing model."
"Our Systems Division continues to gain traction in Ontario and I feel confident that we are on track with our growth strategy," added Shea.
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 rooftop and ground-mounted PV solutions since 1996. 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 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.For further information:
The Equicom Group
(416) 815-0700 x272