Oct. 28, 2009 (Business Wire) -- Evolution Solar Corp. (PinkSheets: EVSO) today announced that the Company is negotiating for the acquisition of a 45% minority stake in the Company’s Shanghai, China-based Synergy Design and Development Limited subsidiary. The Company believes that a final agreement will be reached prior to November 15th and the acquisition will close before the end of the year.
The Company already controls a 55% stake in Synergy. Upon the completion of the acquisition, Synergy will become a wholly-owned subsidiary of Evolution. Synergy’s management team will report to Michael Franklin, President of China Operations for Evolution Solar Corp.
“The consolidation of Synergy will allow us to fully integrate Synergy’s resources and capabilities with those of Evolution, while substantially increasing the amount and scope of solar products offered to Synergy’s customers,” stated Franklin. “I look forward to finalizing this acquisition and assuming a direct role in the management and growth of Synergy and its operations.”
Evolution Solar expects to benefit from growth within the solar industry along with competitors such as Sun Power (Nasdaq: SPWRA), First Solar (Nasdaq: FSLR), Trina Solar LTD (NYSE: TSL), and LDK Solar Co. LTD (NYSE: LDK).
About Evolution Solar Corporation
Evolution Solar Corporation, (EVSO), commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities.
For more information, visit http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
