Oct 29 2009
Acro Energy Technologies Corp. (TSX Venture:ART), a leading U.S. solar integrator, announced today that it has signed a Stock Purchase Agreement (the “Purchase Agreement”) with Energy Efficiency Solar, Inc., a California corporation headquartered in Pomona, Calif. (“EE Solar”) and William “Bill” Korthof, the sole shareholder of EE Solar.
EE Solar is a full-service solar energy company that has been installing residential and commercial solar systems in Los Angeles, Orange, and San Bernardino Counties since 1989. EE Solar generated approximately $4.2 million in revenue in 2008, servicing customers from its offices in Pomona and Orange. Korthof is the president of EE Solar and will join the Acro Energy team.
“We are excited to sign EE Solar as our third acquisition in the past eight months. Bill Korthof and his team in Pomona have done an exceptional job in building EE Solar,” said Harry Fleming, chief executive officer at Acro Energy. “Their team will be pivotal in Acro Energy’s plans to expand into the southern California market.”
“Southern California is the largest growth market for distribute solar,” said Nat Kreamer, President of Acro Energy. “Bill and the EE Solar team give Acro a strong platform for helping more southern Californians — who pay among the highest rates for electricity in the Country — save with solar.”
Under the Purchase Agreement, Acro Energy will acquire all of the issued and outstanding shares of EE Solar for a purchase price of $1,500,000, consisting of $250,000 cash, a promissory note in the amount of $750,000, and $500,000 of common stock issued from the treasury of the Company at a deemed price of CDN$0.24 per share. The company will also enter into an employment agreement with Korthof, as general manager, Pomona Operations.
The closing of this acquisition is subject to any necessary approval of the transaction by the appropriate authorities at the TSX Venture Exchange.
Source: http://acroenergy.com/