WATERLOO, ON, March 3 /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 entered into a Letter of Engagement with a syndicate led by Sandfire Securities Inc. ("Sandfire") and including Jacob Securities Inc. ("Jacob Securities") in relation to a proposed public offering of up to $10 million.
The offering is expected to be structured to include a secured debenture and an equity component. ARISE has engaged Sandfire and Jacob Securities to assist in marketing the offering on a best efforts basis.
The proceeds of the financing are expected be used by ARISE to fund working capital needs, expansion of PV cell capacity and general corporate purposes.
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.
About Sandfire Securities Inc.
Sandfire Securities is an independent, full-service investment dealer dedicated to institutional grade, private and small-to-mid-cap public companies in growth sectors such as: mining, energy, cleantech, infrastructure and technology.
About Jacob Securities Inc.
Jacob Securities Inc. is an independent investment bank providing underwriting and financial advisory services to companies in the renewable power, infrastructure and energy sectors. The firm, which is headquartered in Toronto, primarily services small- to mid-cap issuers in North America and around the world.
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 misjudgements 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: Contact 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