DRESDEN, Germany, Sept. 11 /CNW/ - ARISE Technologies Corporation (TSX-V:
APV) (ADAX: A3T) is pleased to announce that its wholly-owned subsidiary ARISE
Technologies Deutschland GmbH has completed definitive agreements in respect
of credit facilities totaling up to 47.05 million euros with Commerzbank AG.
These credit facilities combined with the previously announced German
incentives through the Saechsische Aufbaubank (SAB) and the equity investment
by ARISE will be used to construct and equip the 50.0 million euros high
efficiency photovoltaic (PV) cell manufacturing plant in Bischofswerda,
Germany. The credit facilities totaling 47.05 million euros include a
15.0 million euros subsidy bridge loan, a 9.5 million euros VAT bridge loan, a
12.55 million euros long term loan for construction and equipment and a
10.0 million euros working capital line.
The credit facilities are secured by the usual securities regarding
credit lines of this type and nature. The availability of the credit
facilities are subject to certain standard conditions precedent.
Ian MacLellan, President and CEO stated, "We are pleased to have
Commerzbank as our banking partner in Germany. Their support on this project
both in Hamburg at the Center of Competence for Renewable Energies and on
local level in the State of Saxony has allowed us to conclude the agreements
that will allow us to build our first manufacturing plant at our site in
"The Commerzbank's Renewable Energies and Corporate Finance team is
dedicated to providing the credit arrangements for companies that have both a
compelling technology story in the renewable energy space and the ability to
execute on their objectives," stated Christian Schulz, Assistant Vice
President, Commerzbank. Thomas Klatte, Vice President, Commerzbank further
commented: "We have been very impressed with the partners ARISE has chosen in
constructing the manufacturing facility and in procuring the equipment. We are
excited to be a key financing partner for ARISE."
ARISE Technologies is dedicated to accelerating the use of solar energy
in mainstream markets. The Company's shares are listed on the TSX Venture
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 contained in this press release may be
considered as forward-looking. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from estimated or implied results.
Since taking over Eurohypo, Europe's largest institution specializing in
financing real-estate and public-sector projects, Commerzbank has been
Germany's second-largest bank and one of the leading banks in Europe. Its
consolidated balance-sheet total stands at 608 billion euros. Roughly
36,000 employees, 8,725 of them active outside Germany, look after more than
8 million customers worldwide.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this news release.
For further information:
For further information: ARISE Technologies Corporation, 65 Northland
Rd., Waterloo, Ontario, Canada, N2V 1Y8, Tel. (519) 725-2244, Fax: (519)
725-8907, www.arisetech.com; Ian MacLellan, President & CEO, (519) 725-2244
x5707, firstname.lastname@example.org; TSX Venture Exchange Symbol: APV