WATERLOO, ON, Jan. 19 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company') (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has been awarded a contract to supply a 150KW photovoltaic ("PV") rooftop solar system to the Region of Waterloo in Ontario.
"We are pleased to announce this significant agreement with the Region of Waterloo under the new Ontario Feed-In Tariff ("FIT") program. The system will be installed in our home region, close to our head offices in Waterloo, Ontario," said Vern Heinrichs, President and CEO of ARISE. "Since the launch of the Ontario FIT program, we have seen a surge in interest in the Ontario market, as our requests for feasibility studies have increased significantly, and the average size of systems being considered has also grown considerably. We are optimistic about the potential for this large and rapidly growing market."
The system will be installed on the Regional Operations Centre in Cambridge Ontario. In choosing a supplier for the contract, the Region issued a public tender and selected ARISE's submission from the approximately 20 bids that it received. The ARISE system used in this project will meet all Ontario content requirements as outlined in the Ontario Green Energy Act and is expected to be installed and operational by mid-2010.
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 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, high debt levels, negative working capital levels, lack of profitability, 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.
SOURCE ARISE TECHNOLOGIES CORPORATION
For further information: For further information: ARISE Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Doug McCollam, Chief Financial Officer, (519) 772-5706, Doug.McCollam@arisetech.com, www.arisetech.com; Investor Relations, Glen Williams, The Equicom Group, (416) 815-0700 ext. 272, email@example.com