TSX Venture Exchange
TORONTO, Feb. 17 /CNW/ - SonnenEnergy Corp. ("Sonnen" or the "Company")
announces a correction to the Company's news release of January 13, 2009 in
which it was announced that the Company had completed the second phase of
Solar Park Hausen. Approximately 350,000 euros of capital expenditure is
required before the second phase of Solar Park Hausen can be considered
completed. Previous management of the Company provided certain representations
to the bank providing financing for the Solar Park Hausen which indicated that
the Company had completed the second phase of Solar Park Hausen, resulting in
the Company receiving a one-time payment of 361,000 euros from the bank
representing the balance of the loan. Since the Company has not as of this
time completed the second phase of Solar Park Hausen, the Company has a
liability of 361,000 euros which can be satisfied by either a repayment of the
amount or completing the second phase of Solar Park Hausen. Current management
of the Company is currently investigating what has occurred with the 361,000
euros paid to the Company by the bank.
About SonnenEnergy Corp.
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 200 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 7.0 MWp.
SonnenEnergy's European operations are based in Polling, Germany, with a sales
office in Italy. For more information, please visit SonnenEnergy's website at
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Hans Hager, President and Chief Executive
Officer, +49-881-924513-0, email@example.com