ARISE Technologies Closes Bridge Loan and Provides Update on Commerzbank AG Discussions

WATERLOO, ON, May 11 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), ("ARISE" or "the Company"), a leader in high-performance, high quality, cost-effective solar technology, today announced that on May 6, 2011, the Company closed a US$750,000 bridge loan ("Loan") from Haverstock Master Fund, Ltd. (the "Lender"). The purpose of the Loan is to provide working capital bridge financing to the Company. The Loan matures on September 30, 2011 and bears interest at a rate of 10% per annum which rate increases by 1% for each month the Loan is outstanding.

The Company also issued to Haverstock 750,000 share purchase warrants. Each share purchase warrant is exercisable for a period of 2 years into one common share at an exercise price of $0.21 per share. The Loan is secured with a general security agreement on the assets of the Company.  In the event that the Company does not repay the Loan by September 30, 2011, the Lender has the option to convert the Loan into ARISE common shares at up to a 20% discount to the preceding five day Volume Weighted Average Price of the common shares on the TSX.

Update on Discussions with Commerzbank 
In addition, ARISE today provided an update regarding its discussions with Commerzbank AG ("Commerzbank" or the "Bank").  The Trust Agreement with the Bank expired on April 29, 2011.  Commerzbank has agreed to extend the standstill agreement to June 30, 2011 as a result of the Company reducing its working capital credit line down to €8.6million.  ARISE and Commerzbank continue discussions to reach a longer term agreement.

"We are pleased to now have in place this extension to our credit facilities with Commerzbank," said Dan Shea, ARISE's President and Chief Executive Officer.

About Haverstock
Haverstock is an institutional investor with an investment objective to seek capital appreciation through the general strategy of investing in public securities of U.S. and non-U.S. companies, through direct equity purchases from such companies.  The portfolio manager of Haverstock, David Ratzker, has structured more than US$300 million worth of private equity investments in publicly traded corporations in a variety of sectors including energy, cleantech, telecommunications, consumer, and education.

About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is 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%.  The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor 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 rooftop and ground-mounted PV solutions since 1996. 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 and

SOURCE ARISE Technologies Corporation

For further information:

ARISE Technologies Corporation
65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8
Doug McCollam, Chief Financial Officer, (519) 772-5706

Investor Relations
Glen Williams
The Equicom Group
(416) 815-0700 ext. 272


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