WATERLOO, ON, Feb. 25 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, cost-effective, high-quality solar technology, today announced that discussions continue with Commerzbank AG ("Commerzbank") regarding the extension of ARISE's credit facilities, which are currently scheduled to expire on February 28, 2010.
Subject to final approval from the Commerzbank Credit Committee, which is expected by mid-March 2010, Commerzbank has agreed to extend ARISE's credit facilities until December 31, 2010. As is customary for financings of this nature, the availability of the credit facilities is subject to satisfactory documentation and satisfaction of the Conditions Precedent.
"We are very pleased to have received indications from Commerzbank that they will extend our credit facilities until the end of 2010," said Vern Heinrichs, President and CEO of ARISE. "Commerzbank is well regarded for their expertise in the solar industry and has been a valuable partner of ARISE since 2007, when we began construction of our PV cell plant in Bischofswerda, Germany. With the extension of our credit facilities, we will now focus on securing long-term financing and continuing to ramp-up production from our German plant to meet the increased customer demand we have witnessed in the early part of 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 percent. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999 percent) for PV applications, based on a simplified chemical vapour 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.
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, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing 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) 775-1144, Doug.McCollam@arisetech.com, www.arisetech.com; Investor Relations, Glen Williams, The Equicom Group, (416) 815-0700 ext. 272, email@example.com