ARISE Technologies Agrees with Commerzbank on Extension of Credit Facility for Working Capital



    
    - Bank also agrees to defer required installment repayments of long-term
      debt to June 30, 2010
    

    WATERLOO, ON, Aug. 7 /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 it has
reached an agreement with Commerzbank AG to extend a (euro)10.0 million
secured bank-credit facility to December 31, 2009. The facility is available
to provide working capital to the company's manufacturing operations in
Germany.
    This (euro)10.0 million credit facility combines two previously available
banking agreements with Commerzbank. One agreement had provided the financing
for the start-up of ARISE's PV (photovoltaic) cell manufacturing plant in
Bischofswerda, Germany, which began making shipments to customers in June
2008. The second facility, used for the purchase of silicon wafers, matured on
June 15, 2009.
    ARISE also said that the remaining (euro)2.0 million secured bank-credit
facility with Commerzbank intended for the pre-financing of VAT refunds in
Germany related to the construction of the German PV cell manufacturing plant
matured on June 30, 2009. It was repaid as the VAT refunds were received.
    Commerzbank also agreed to defer by one year the quarterly repayments of
the company's (euro)12.55 million long-term debt facility. The debt was
incurred for financing the construction of the PV cell manufacturing plant in
Germany. The quarterly installment payments of (euro)627,500, which began
March 31, 2009, now are deferred to June 30, 2010 for a total deferral of
(euro)2.51 million for the year.
    "These agreements are a further indication of how fortunate ARISE is to
have Commerzbank as our partner and the strength of the relationship that we
have maintained with them," said Dave Chornaby, ARISE's Chief Financial
Officer.

    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 provides complete turnkey
PV solutions for solar farms and rooftop installations under the Ontario
Renewable Energy Standard Offer 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

    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.

    %SEDAR: 00017494E




For further information:

For further information: ARISE Technologies Corporation, 65 Northland
Road, Waterloo, Ontario, Canada, N2V 1Y8, Dave Chornaby, Chief Financial
Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com

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ARISE TECHNOLOGIES CORPORATION

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