Vancouver, Canada, September 25, 2017 – Solar Alliance Energy, Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SAN, OTC: SAENF) is pleased to announce it has signed a binding Arrangement Agreement (the “Arrangement”) with Concord Green Energy, Inc. (“Concord Green Energy”), involving the disposition to Concord Green Energy of certain British Columbia wind energy assets for $1,400,000 through a plan of arrangement. The Arrangement allows for Concord Green Energy to own the Bullmoose Wind Energy Project and to obtain a 15% interest in the Wildmare Wind Energy project while the Company retains an 85% controlling interest and will operate the project. The Arrangement also involves the transfer of a 100% interest in other assorted development stage wind assets in British Columbia to Concord Green Energy. The wind asset sale and plan of arrangement does not involve any of the Company’s solar assets.
Solar Alliance is undertaking the Arrangement because it provides the following advantages to the Company:
Plan of Arrangement
The transaction will be completed by way of a plan of arrangement under the British Columbia Business Corporations Act, which requires approval of shareholders and the British Columbia Supreme Court. The Company will hold a Special Meeting (the “Meeting”) of all of the security holders of Solar Alliance Energy Inc. The purpose of the Meeting is to vote on a corporate reorganization transaction which will see Solar Alliance transfer its business and assets, other than the wind energy assets and business to a new corporate entity that will be owned by the existing shareholders of Solar Alliance with the same core solar assets, name, board and management, but with an additional $1,400,000 of total consideration which Solar Alliance shall have received for the sale of its non-core assets.
A Notice of Special Meeting and an Information Circular will be delivered to shareholders in the capital of Solar Alliance Energy Inc. in connection with the Plan of Arrangement.
Jason Bak, Chairman & 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.
About Concord Pacific and Concord Green Energy Inc. (www.concordpacific.com)
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada’s first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success to sustainable communities of the future. Concord Green Energy has projects of scale at various stages of planning, development, and operation across Canada.
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.”