WATERLOO, ON, Oct. 1 /CNW/ - ARISE Technologies Corporation (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 is included on the Deloitte Technology Fast 50(TM), a ranking of the 50 fastest-growing technology companies in Canada, based on the percentage of revenue growth over five years. ARISE's revenues rose 1,750% from 2004 to 2008, which has resulted in a 15th place ranking.
The Deloitte Technology Fast 50(TM) program has tracked the successful growth of Canadian-grown global leaders for more than a decade.
"Canadian technology companies demonstrated some very impressive growth numbers in 2008 amid the challenges of the developing global recession," said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. "ARISE is an example of the determination, drive, and skill that will serve to position them for continued growth and success as the economic recovery takes hold."
"Last year, when ARISE was named for the first time a recipient of the Deloitte Technology Green 15(TM) Awards, we said that we next hoped to also be named one of Canada's 50 fastest-growing technology companies on Deloitte's Fast 50(TM) list," said Vern Heinrichs, ARISE's President and Chief Executive Officer. "Now, thanks to the opening of our PV (photovoltaic) cell manufacturing plant in 2008 and the ramping up of sales that followed, we have made it on the Fast 50 list."
"It is an honour to receive this recognition by Deloitte as a further affirmation of the leadership position that we are striving to achieve in the development of high-quality, cost-effective solar technology," he continued. "Our next objective is both to move up higher on this list of Canadian fast-growing technology companies and to achieve profitability. We plan to do both. Making this list for the first time comes on the heels of the Ontario government's official launch of the FIT (Feed-In-Tariff) program, which was released last week. We are excited about the prospects for solar power generation in Ontario and in many world markets which are moving toward adopting clean solar energy. As we continue to increase our sales of PV cells, pursue the development of our 7N+ silicon technology, and grow our Systems Division's business, our sales should continue increasing in the years ahead."
About the Deloitte Technology Fast 50(TM)
The Deloitte Technology Fast 50(TM) program is Canada's pre-eminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features four distinct categories including the Deloitte Technology Fast 50(TM) Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50(TM) candidate,) Leadership Awards (companies that demonstrate technological leadership in four industry subcategories: hardware/semiconductor, software, telecommunications and emerging technologies) and the Deloitte Technology Green 15(TM) Awards (Canada's leading GreenTech companies that promote a more efficient use and re-use of the earth's resources in industrial production and consumption.) Program sponsors include Deloitte, Gowlings, GrowthWorks, RBC Capital Markets, Wellington Financial, Stonewood Group, CATAAlliance, and IGLOO. For further information, visit www.fast50.ca.
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.
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 misjudgments 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: ARISE Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Dave Chornaby, Chief Financial Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com