ICP Solar Technologies to Purchase Californian Solar Distributor
Binding letter of intent signed for acquisition of Discover Power Inc.
Montreal, Canada, January 17, 2007
Source: ICP Solar /Press release
http://www.icpsolar.com/4105/news_details.asp?news_id=18
ICP Solar Technologies Inc. (OTCBB: ICPR), a developer, manufacturer and marketer of solar cells and products, announced today that it has executed a binding letter of intent pursuant to which ICP Solar has indicated its intention to purchase all the issued and outstanding shares of solar pioneer Discover Power Inc., located in San Diego, California.
“Discover Power’s team features over 18 years of experience in selling complete solar solutions for off-grid and grid-tie systems. Their location in Southern California is ideal given the Million Solar Roofs initiative being put into place by California Governor Arnold Schwarzenegger. Having installed the first ever solar roof shingle system in southern California and with a nationwide installer network, the Discover Power brand and organization will be a great addition in line with our growth plans” said ICP Solar CEO and Chairman Sass Peress. “This revenue-generating acquisition compliments our strategy for rooftop solutions and creates immediate opportunities for ICP Solar’s retailer sales network to add significant off-grid and grid-tie solutionn offerings.”
“Sass Peress’ considerable experience will be a great asset in helping to expand Discover Power in our Californian and nationwide market,” said Damian Gutierrez, President of Discover Power. “His perspective on the industry cuts through the hype and turmoil in the market, and he provides expertise and resources that will help Discover Power execute its growth plans across several channels.” Mr. Gutierrez has helped tens of thousands of people in the public and private sector from all over the world design and implement cost-effective and efficient solar power systems, first at Solar Electric Inc. and now at Discover Power.
“Enhancing our customers’ overall experience from design to system implementation has always been paramount, said Crystal Phelps, Chief Marketing Officer of Discover Power. “This relationship with ICP Solar will not only expand our brand exposure in the residential and leisure markets, but will allow us to offer a broader range of solutions to our customers, further enhancing their solar experience.”
Completion of the transaction is subject to a complete and satisfactory due diligence of Discover Power, the finalization of a definitive Purchase Agreement and the signing of non-competition and employment agreements with Damien Gutierrez, President and Crystal Phelps, Chief Marketing Officer of Discover Power.