DRESDEN, Germany, Oct. 17 /CNW/ - ARISE Technologies Corporation ("ARISE"
or the "Company") (TSX-V: APV) (ADAX: A3T) is pleased to announce that its
wholly-owned subsidiary ARISE Technologies Deutschland GmbH has received, from
the Saechsische AufbauBank (SAB), the initial 2 million euro payment of a 12.4
million euro incentive grant previously announced by the Company and payable
over the term of the Company's high efficiency photovoltaic cell manufacturing
plant construction project. ARISE is also eligible to receive refundable
federal tax credits in connection with its funding of the project in the
amount of 12.15 million euros over the term of the project, resulting in total
German government incentive funding of 24.55 million euros.
The German government incentive funding combined with the previously
announced credit facilities with the Commerzbank AG and the previously
announced equity investment by ARISE is being used to construct and equip the
Company's 50.0 million euro plant in Bischofswerda, Germany.
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
SAB is the central development agency of the Free State of Saxony,
Germany. Acting on behalf of the state, SAB allocates and distributes
development funding from a range of EU, national and regional support programs
to businesses, technology companies and investors, housing developers and
homeowners, as well as other social groups in Saxony. Funding takes the form
of grants, subsidies, loans and guarantees.
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.
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
Road, Waterloo, Ontario, Canada, N2V 1Y8, Tel. (519) 725-2244, Fax: (519)
725-8907, www.arisetech.com; Ian MacLellan, President & CEO, (519) 725-2244
Ext. 5707, firstname.lastname@example.org; TSX Venture Exchange Symbol: APV