Vancouver, Canada, April 12th, 2017 – Solar Alliance Energy, Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SAN, OTC: SAENF) is pleased to provide an update regarding the proposed acquisition of certain assets of a U.S. solar company (“Seller”) announced April 4, 2017. Solar Alliance and the Seller have signed an amended Letter of Intent (“Amended LOI”) in order to accelerate the transition of the Seller’s sales team to Solar Alliance. The expanded sales team, responsible for more than 7 MW of residential solar systems sales and revenue of more than US$34,305,000 (unaudited) in 2016, has now been hired by the Company and will begin selling Solar Alliance residential solar systems this month.
The Company and the Seller accelerated the transition of the sales team while the two parties continue to work on a definitive transaction agreement (“Transaction Agreement”). The Transaction Agreement includes terms related to the acquisition of the Seller’s pipeline of in-process residential solar projects. The Company is carrying out the necessary due diligence and is anticipating final closing by April 21, 2017.
There can be no assurance that the definitive Transaction Agreement will be entered into or that it will be entered into by April 21, 2017. Further details regarding the acquisition will be announced when a definitive Transaction Agreement is reached with the Seller. Completion of the proposed Transaction Agreement remains subject to the satisfaction of a number of conditions precedent, including further due diligence and required TSX Venture Exchange approval.
Jason Bak, Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”