WATERLOO, ON, June 25 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has established a joint venture (JV) with Sky Solar (Canada) Ltd. ("SKY SOLAR") to provide engineering, procurement and contracting ("EPC") services for solar projects under the Ontario FIT program.
Under the terms of the agreement, SKY SOLAR will provide operating funding to the JV. EPC staff from ARISE's Systems Division will become employees of the JV and join with the SKY SOLAR engineers to deliver EPC services to customers in Ontario, where demand for solar power generation projects has risen steadily since the government's launch of the progressive Feed-In Tariff program.
"Over the past several months we've been honoured to work closely with SKY SOLAR's international leadership team to forge this agreement. We look forward to continuing to work together to deliver EPC services to meet our clients' needs. " stated Vern Heinrichs, ARISE President and CEO.
"We see this partnership as a tremendous opportunity for SKY SOLAR to succeed in the burgeoning Ontario solar market and offer our considerable expertise, particularly in the area of project development, EPC and project financing. ARISE's reputation for quality, PV engineering experience and an expanding service network will allow us to effectively respond to and serve our client base," stated Mr. Peter Liu, President of Sky Solar Canada.
SKY SOLAR is headquartered in Toronto, Ontario. ARISE and SKY SOLAR will continue to serve their own customers in the Canadian marketplace but will also work as a team with all customers to ensure that project needs are met.
About Sky Solar (Canada) Ltd
Sky Solar (Canada) Ltd is a wholly owned subsidiary of Sky Solar Holding Company (www.skysolargroup.com), which is a multi-national enterprise specializing in the solar photovoltaic (PV) market. It is actively engaged in the following areas: project finance and investment; engineering, design and construction; and operations management. It builds and operates solar PV installations equipped with PPA or government feed-in tariff contracts, creating valuable investment opportunities for global investors. Sky Solar seeks to become a leading supplier of renewable energy.
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.
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, www.arisetech.com; Investor Relations: Glen Williams, The Equicom Group, (416) 815-0700 x272