WATERLOO, ON, April 19 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company") (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has the initial test results for ARISE PV modules manufactured in Ontario by a third party contract Original Equipment Manufacturer (OEM) using PV cells from its factory in Germany.
The test results and initial inspection show that the performance of these modules for testing purposes have a quality that is similar to the ARISE PV modules manufactured in Germany for ARISE by an existing OEM module manufacturer. ARISE currently supplies more than 15 module manufacturers with PV cells from its plant in Bischofswerda, Germany. Many of these companies have indicated that they would be interested in producing modules for ARISE under the ARISE brand to the Company's specifications.
With a "made in Ontario" PV module, ARISE expects, subject to having the necessary capital resources, to start delivering systems that meet the 60% domestic content requirements as laid out by the Ontario Power Authority ("OPA") in the third quarter of 2010.
In Canada, the Company is currently shipping limited quantities of ARISE branded modules that are manufactured in Germany. In launching its line of Ontario-manufactured modules, ARISE intends to ensure that quality and supply levels meet its North American customers' expectations.
"We are very pleased to announce the launch of our line of Ontario-made modules. With the implementation of the Ontario government's Feed-In Tariff, we felt the time was right to partner with Ontario-based OEMs to produce our own modules here," said Vern Heinrichs, ARISE's President and Chief Executive Officer. "This represents an excellent opportunity for us to increase our presence in the Ontario market while also contributing to job creation in our home province."
"Certification is a time consuming process and we believe that having modules available for testing during the second quarter of 2010 will provide us with a short-term competitive advantage in the Ontario market. We expect to meet the Ontario domestic content requirements well ahead of the Jan. 1, 2011 deadline as set by the OPA," added Mr. Heinrichs.
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, email@example.com