TORONTO, Oct. 21 /CNW/ - SonnenEnergy Corp. (the "Corporation") (TSX-V:
PWR), a leading photovoltaic solar power systems integrator and solar power
producer, today announced that it intends to satisfy certain trade and other
account liabilities through the issuance of common shares ("Common Shares") of
the Corporation (the "Shares for Debt Transaction").
The Board of Directors of the Corporation has resolved to satisfy up to
$1,000,000 of outstanding trade and other account liabilities owed by the
Corporation and SonnenEnergie GmbH, a wholly-owned subsidiary of the
Corporation, to various creditors ("Creditors") through the issuance of Common
Shares at a price of $0.05 per share. The issuance of such Common Shares could
result in up to 20,000,000 additional Common Shares being issued from
The Shares for Debt Transaction is subject to, among other things, (i)
reaching definitive agreements with Creditors; (ii) approval of the Shares for
Debt Transaction by the TSX Venture Exchange (TSX-V); and (iii) compliance
with applicable securities laws.
Annual and Special Meeting
The Corporation would also like to confirm that its Annual and Special
Meeting of Shareholders will be held at the offices of Fraser Milner Casgrain
LLP, 1 First Canadian Place, 39th Floor, 100 King Street West, Toronto,
Ontario on Monday, October 27, 2008 at 4:00 p.m. and not at the offices of
Cassels Brock & Blackwell LLP as previously announced on October 9, 2008.
SonnenEnergy is a solar power systems integrator and solar power
producer. The company markets, sells, designs, installs, operates, and
maintains grid-connected solar power systems and, since 2004, has installed
more than 160 photovoltaic (PV) solar power systems for commercial and
residential customers. The company also operates solar power plants in
southern Germany, which have total installed capacity of more than 5,000 kWp.
SonnenEnergy's corporate offices are located in Toronto, Ontario and its
European operations are based in Polling, Germany, with a sales office in
Italy. For more information, please visit SonnenEnergy's website at
Forward-looking statements in this news release are based on current
expectations that are subject to significant risks and uncertainties. Actual
results might differ materially due to various risks and uncertainties as
described in the company's amended and restated preliminary prospectus
available at www.sedar.com. Such risks and uncertainties include, but are not
limited to, the retention of key personnel, its dependence on suppliers for
components for the systems that it designs and installs, the availability of
silicon, its ability to expand sales, technology changes, unexpected warranty
expenses or service claims, and its ability to meet its clients' expectations.
SonnenEnergy assumes no obligation to update any forward-looking statement or
to update the reasons why actual results could differ from such statements.
The TSX-V has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Jeff Dennis, SonnenEnergy Corp., Tel: (416)
540-2596, Email: firstname.lastname@example.org; Glen Williams, Investor
Relations, The Equicom Group, Tel: (416) 815-0700 ext. 272, Email: