TORONTO, Aug. 26 /CNW/ - SonnenEnergy Corp. (TSX-V: PWR), a leading
photovoltaic solar power systems integrator and solar power producer, today
announced the appointment of the company's Chairman as President and Chief
Executive Officer on an interim basis. The Board of Directors is initiating a
process to identify a new President and Chief Executive Officer.
Mr. Dennis succeeds Sudhir Morar, who played a fundamental role in
creating the company through the completion of a capital pool qualifying
transaction whereby the acquisition was made of all of the shareholding
interests in the capital of SonnenEnergie GmbH, and in raising initial capital
to develop the business. Mr. Morar is leaving the company to pursue other
opportunities. The Board of Directors extends its appreciation to Mr. Morar
for his service and wishes him well in his future endeavours.
Since 1998, Mr. Dennis has been president of Cale Financial Corporation
Inc., a limited market dealer registered with the Ontario Securities
Commission. Until June 2006, he was also president of Flagship Capital
Partners, a private merchant bank which invests in and assists entrepreneurial
companies in raising capital. Throughout his career, Mr. Dennis has been
involved in start-ups, acquisitions, and financings for a variety of
businesses in industries as varied as real estate, film and television
production, insurance, cosmetics, franchising, high technology, alternative
energy, and investment management. Currently, Mr. Dennis acts as an advisor
and mentor to the CEOs of fast growth companies. Mr. Dennis studied at Brown
University and earned a law degree at the University of Western Ontario. He
continues to be a member of the Law Society of Upper Canada.
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 160 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 5,000 kWp.
SonnenEnergy's corporate offices are located in Toronto, Ontario and its
European operations are based in Polling, Germany, with a sales office in
Italy. For more information, please visit SonnenEnergy's website at
Forward-looking statements in this news release are based on current
expectations that are subject to significant risks and uncertainties. Actual
results might differ materially due to various risks and uncertainties as
described in the company's amended and restated preliminary prospectus
available at www.sedar.com. Such risks and uncertainties include, but are not
limited to, the retention of key personnel, its dependence on suppliers for
components for the systems that it designs and installs, the availability of
silicon, its ability to expand sales, technology changes, unexpected warranty
expenses or service claims, and its ability to meet its clients' expectations.
SonnenEnergy assumes no obligation to update any forward-looking statement or
to update the reasons why actual results could differ from such statements.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Jeff Dennis, SonnenEnergy Corp., Tel: (416)
540-2596, Email: firstname.lastname@example.org; Richard Wertheim, Wertheim +
Company Inc, (416) 594-1600 (bus.) or (416) 518-8479 (cell), Email: