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.”
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