WATERLOO, ON, March 23 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company') (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has received contracts to provide eleven Ontario school boards with specialized solar systems as part of the Ontario Green Schools Pilot Initiative. These orders were previously included in the business update issued on February 11, 2010 as they were expected to be formalized in March.
Under the terms of the contracts, ARISE will provide a total of 110kW of solar rooftop power. Each of the eleven school boards will receive a 10kW system in addition to a solar specific curriculum and specialized software and tools, including a real-time 'live' learning portal. Installation is expected to be complete by the end of August 2010. ARISE PV systems to be used in the project will meet all Ontario content requirements as outlined under the Ontario Feed-In Tariff ("FIT") program.
"ARISE is very proud to have been selected by these Ontario school boards to support this unique and progressive project, under the Ontario Green Schools Pilot Initiative," said Vern Heinrichs, President and CEO of ARISE. "These are important contracts for our Systems Division. We are particularly pleased to partner with the schools and to assist in informing and engaging students about solar energy. As adoption of the Ontario Government's FIT program gains traction, we expect to see widespread adoption across all segments."
The Green Schools Pilot Initiative is a two-year pilot project with the goal of providing school boards with the ability to purchase, test and showcase new and innovative green products and technologies. Under the Initiative, school boards are required to report quarterly on specific performance metrics to assess the environmental and operational impacts of the pilot technology. The initiative is led and funded by the Ontario Ministry of Education, with support from the Ontario Ministry of Research and Innovation, who assisted in the evaluation of the applications. The initiative directly supports the Ontario Government's commitment to building a greener and more sustainable Ontario.
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%. 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 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.
Forward-Looking Statements and Risk Factors
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, the requirement for additional capital, high debt levels, negative working capital levels, lack of profitability, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section of ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on ARISE's 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: ARISE Technologies Corporation: 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Doug McCollam, Chief Financial Officer, (519) 772-5706, Doug.McCollam@arisetech.com, www.arisetech.com; Investor Relations: Glen Williams, The Equicom Group, (416) 815-0700 ext. 272, firstname.lastname@example.org