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Here is the PR Blue. They want this acquisition signed by Apr 14
Solar Alliance Signs Letter of Intent for Acquisition of U.S. Solar Assets
Accretive acquisition would immediately increase revenues and expand geographic diversification
VANCOUVER, BC -- (Marketwired) -- 04/04/17 -- Solar Alliance Energy, Inc. ('Solar Alliance') or (the 'Company') (TSX VENTURE: SAN) (OTCQB: SAENF) is pleased to announce it has signed a Letter of Intent ("LOI") for the acquisition of certain assets of a U.S. solar company ("Seller"). Pursuant to the LOI, Solar Alliance will acquire the Seller's team of employees and acquire the Seller's pipeline of in-process residential solar projects. In 2016, the team that the Company is acquiring sold more than 7 MW of residential solar systems, generating US$34,305,000 (unaudited) in revenue. The Company anticipates that this acquisition will materially increase revenues and net income at Solar Alliance.
"This proposed acquisition aligns perfectly with our expansion plans in the U.S. solar market," said Chairman and CEO Jason Bak. "Our San Diego operation has shown strong progress over the last few months and adding this sales and marketing team will accelerate our growth. Combined with the project pipeline that is being acquired, this transaction will immediately drive significiant value for Solar Alliance shareholders."
In consideration for the assets, Solar Alliance will pay up to US$2,000,000 in contingent payments, subject to the following payment waterfall, and grant certain securities:
Prior to any payment to the Seller, Solar Alliance will be repaid any working capital injected by Solar Alliance, plus an agreed upon return on that capital.Once the working capital and working capital return have been paid to Solar Alliance, Solar Alliance will then receive all profit from the Seller up to a 6% net profit threshold.For profit in excess of the 6% net profit threshold, 50% will be paid to the Seller until such time as the US$2,000,000 contingent payment is fulfilled. 50% of profits above the 6% net profit threshold will be paid to Solar Alliance.There is also a provision for an additional US$2,000,000 contingent payment to the Seller, subject to the same waterfall described above, if revenue from the Seller exceeds US$50,000,000 in any fiscal year.Solar Alliance will issue 6.5 million warrants to secured creditors of the Seller with an exercise price of $0.25/share and a term of three years.
Further details regarding the acquisition will be announced when a definitive Transaction Agreement is reached with the Seller. The Company expects to sign the Transaction Agreement by April 14, 2017; however, there can be no assurance that the definitive Transaction Agreement will be entered into. 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."
For more information:
Solar Alliance Investor Relations
Spyros Karellas
Pinnacle Capital Markets
(416) 433-5696
spyros@pinnaclecapitalmarkets.ca
Source: Solar Alliance Energy, Inc.
Replies:
I'm in at .12 mid morning. Been posting
Garyst on 4/4/2017 2:24:06 PM
Report TOS
WHAT IS IT? "The Company expects to sign the Transaction Agreement by April 14, 2017;"
Looks like very thin, what is your target? it seems a very solid solar tech company
Nice info. Thanks.
No worries. Thanks for the info though and good luck to you
Wish I could be more help - Instincts on this one. I'll be watching though, glad I found a bullboard again on this one. Stockhouse wiped them out with the name change.
Wow you have quite a history with this one.
My opinion is pretty conservative on this holding.
Jason Bak as spent the better part of his life trying to create value. Wave energy did nothing for us. Ireland wind farm yielded great results, but took to long and the money was spent long before it was received. BC wind energy fell apart, not entirely his fault though. Very few companies venturing into this area did well in BC in the last 7 years. I'm still invested in 3 of them... This market never recovered from the crash in 08 here in BC, Canada.
So he took all forced wind related sales and bought into the Solar market. He is the guy to advance it, that's for certain. But his track record and share holder trust, are those days behind him yet.
I won't be selling until he brings the value back, I hold this from 0.16 to 1.35. Cost average is around 65-75 depending on the account.
Where do you see this running ?
Good point, I'm curious to see the terms.
34.5 million US in revenue values this mystery company alone at 5.5 times are open price this morning.
"The Company expects to sign the Transaction Agreement by April 14, 2017;"
That was why I bought - the options were for .25 and it was trading at .15/.16 when I bought some.
Just feels like something is about to happen
It did 26 million on the venture today. Been accumulating since 2010 here. Last spike like this was from the power call, in there wind energy days.
Interesting the warrants are priced at 25 cents, and we were at 0.085 this morning.
Any ticker that is up 200% on 600k volume suggests there are very few shares left here. SAENF
Yes this looks like it is about to run like mad. Touchy MMs. Can't wait to see how this plays out
If any volume did pour in this would see $1+ in a heartbeat.
I've never seen this before. All AM and this afternoon the bid and ask is jumping around even when no buys go thru. Ask goes up 2 cents and so does the Bid. What is this a sign of IMO? That a few MM's are afraid this is going to spike huge and they will be left with no shares other than buying them at $1 +
Man this thing is begging to be bought. Bid/ask move up without buying
That would be nice here!
Reminds me of one I seen run from these levels to over $5
I've never seen a L2 like I see here on this. Just 5k blocks and insanely thin to the upside and $1
Yes this looks like a could run well into paper
Yep I scooped up some early this morning and I do agree seen these types could fly past $1
You're welcome. I see this thing making a spike to $1
Picked some up. Thanks Gary
I'm in at .12 mid morning. Been posting on it all AM. Could leap to $1 easily
Solar Alliance Signs Letter of Intent for Acquisition of U.S. Solar Assets
Accretive acquisition would immediately increase revenues and expand geographic diversification
VANCOUVER, BC -- (Marketwired) -- 04/04/17 -- Solar Alliance Energy, Inc. ('Solar Alliance') or (the 'Company') (TSX VENTURE: SAN) (OTCQB: SAENF) is pleased to announce it has signed a Letter of Intent ("LOI") for the acquisition of certain assets of a U.S. solar company ("Seller"). Pursuant to the LOI, Solar Alliance will acquire the Seller's team of employees and acquire the Seller's pipeline of in-process residential solar projects. In 2016, the team that the Company is acquiring sold more than 7 MW of residential solar systems, generating US$34,305,000 (unaudited) in revenue. The Company anticipates that this acquisition will materially increase revenues and net income at Solar Alliance.
"This proposed acquisition aligns perfectly with our expansion plans in the U.S. solar market," said Chairman and CEO Jason Bak. "Our San Diego operation has shown strong progress over the last few months and adding this sales and marketing team will accelerate our growth. Combined with the project pipeline that is being acquired, this transaction will immediately drive significiant value for Solar Alliance shareholders."
In consideration for the assets, Solar Alliance will pay up to US$2,000,000 in contingent payments, subject to the following payment waterfall, and grant certain securities:
Prior to any payment to the Seller, Solar Alliance will be repaid any working capital injected by Solar Alliance, plus an agreed upon return on that capital.Once the working capital and working capital return have been paid to Solar Alliance, Solar Alliance will then receive all profit from the Seller up to a 6% net profit threshold.For profit in excess of the 6% net profit threshold, 50% will be paid to the Seller until such time as the US$2,000,000 contingent payment is fulfilled. 50% of profits above the 6% net profit threshold will be paid to Solar Alliance.There is also a provision for an additional US$2,000,000 contingent payment to the Seller, subject to the same waterfall described above, if revenue from the Seller exceeds US$50,000,000 in any fiscal year.Solar Alliance will issue 6.5 million warrants to secured creditors of the Seller with an exercise price of $0.25/share and a term of three years.
Further details regarding the acquisition will be announced when a definitive Transaction Agreement is reached with the Seller. The Company expects to sign the Transaction Agreement by April 14, 2017; however, there can be no assurance that the definitive Transaction Agreement will be entered into. 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."
For more information:
Solar Alliance Investor Relations
Spyros Karellas
Pinnacle Capital Markets
(416) 433-5696
spyros@pinnaclecapitalmarkets.ca
Source: Solar Alliance Energy, Inc.
Has anyone been in contact with management? This sucker seems pretty dead.
Is this company exist yet? I think is the company with record oustanding shares in the world. Instead to produce one dolar revenue, they only burn investor money.
Nice to see this company getting some speed and goals met
Finavera Solar Energy Inc. changed to Solar Alliance Energy Inc.:
http://otce.finra.org/DLSymbolNameChanges
Finavera Wind Energy Inc. changed to Finavera Solar Energy Inc.:
http://otce.finra.org/DLSymbolNameChanges
Meikle Wind Energy Project Granted Environmental Assessment Approval
(via e-Mail... )
VANCOUVER, Canada, July 3, 2014 - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) is pleased to announce that the 184MW Meikle Wind Energy Project (the "Project"), initially developed by Finavera and subsequently sold to Pattern Energy Group LP ("Pattern Development"), the current developer of the Project, for gross consideration of up to $28 million, has received an Environmental Assessment Certificate ("EAC"). BC's Environment Minister Mary Polak and Energy and Mines Minister Bill Benett made the decision to grant the EAC after considering the review led by B.C.'s Environmental Assessment Office ("EAO").
In March 2010, Finavera was awarded 25 year Electricity Purchase Agreements by BC Hydro for the 47 MW Tumbler Ridge and 117 MW Meikle Wind Energy Projects. In April 2013 Finavera finalised terms for the sale of these projects to Pattern Development and closed the transaction in April 2014. To date, Finavera has received consideration of approximately $9.3 million from Pattern Development. The remaining consideration is expected to be received on the arrangement of construction financing for the Project, anticipated in early 2015.
"As a result of the successful completion of this milestone, Finavera has more confidence and much less risk in completing the terms of the sale agreement with Pattern Development. With proceeds from the sale, Finavera plans to aggressively reduce short and long term debt and focus on another fast growing area of renewable energy development. Finavera is working on transactions to put forward for shareholder approval at our AGM," concluded CEO Jason Bak.
Finavera would like to thank our First Nations and community stakeholders for their support of the Meikle Wind Energy Project. This project represents a path for BC towards a clean energy future that can substantially reduce our reliance on hydrocarbons and the problems they cause.
Jason Bak, CEO
For more information:
Finavera Wind Energy
Jason Bak
CEO
+1 (604) 288-9051
info@finavera.com
Finavera Completes Sale of Wind Assets to Pattern Energy
via e-Mail...
Vancouver, Canada, April 17, 2014 - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR), Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP ('Pattern') have completed the Purchase and Sale Agreement for 184 megawatts (MW) of wind projects, previously announced on April 29th, 2013, for gross cash consideration of $28 million.
Concurrent with closing, Finavera has received consideration of $9.3 million from Pattern. Commencement of construction site activities on the 184MW Meikle Project is expected in early 2015, with the balance of funds due to be paid to Finavera at the close of construction financing, subject to receipt of required permits and approvals. For more information on project timelines, please see www.meiklewind.com.
The closing of the Pattern transaction provides a solid platform for the next stage in Finavera's development. Further information on the Company's strategic plan will be released in the short term.
Jason Bak, CEO
For more information:
Finavera Wind Energy
Jason Bak
CEO
+1 (604) 288-9051
info@finavera.com
About Finavera Wind Energy Inc. (www.finavera.com)
Scoreboard for the week: -9.38%
For the week: down a stunning 30.23%... NO NEWS?!
This sector is getting hit but Finavera is holding well at this point.
Finavera Wind Energy to Provide Additional Information to Environmental Assessment Office
(Via e-mail)
VANCOUVER, Canada, August 26th, 2011 - Finavera Wind Energy Inc. ("Finavera" or the "Company")(TSX-V: FVR) announces the Environmental Assessment Office ("EAO") has requested additional information be provided for the Company's Wildmare and Tumbler Ridge Wind Energy Project Environmental Assessment Applications. In order to provide appropriate time for the EAO to assess the additional information, the 180 day Application Review period will be put on hold until the information is submitted.
Finavera Wind Energy President and COO Peter Leighton said, "With two projects moving through the approval process simultaneously there is a tremendous amount of assessment review work to be carried out by the EAO and this will allow a full and complete assessment to be concluded. It is important to note this does not restart the 180 Application Review Periods and the delay will only be in place until the additional information is provided to the EAO. We look forward to working with the EAO to provide the required information in a timely manner."
The Company does not anticipate this additional process will take more than one month, and it still provides the required time for the Projects to meet financial close and move to construction on time in early 2012.
The Company would also like to update the status of the projects with regard to the Federal Environmental Assessment process. The federal environmental assessment process is applied whenever a federal authority has a specified decision-making responsibility in relation to a project, also known as a "trigger" for an environmental assessment. Finavera has received confirmation from the relevant federal authorities that a federal trigger does not exist for either the Wildmare or Tumbler Ridge Wind Energy Projects, and as such, federal environmental assessments are not required.
Jason Bak, CEO
For more information:
Finavera Renewables
Myke Clark
SVP Business Development
Finavera Renewables
(604)-288-9051
mclark@finavera.com
Investor Relations
Pinnacle Capital Markets
Spyros Karellas
(416) 800-8921
(416) 433-5696
spyros@pinnaclecapitalmarkets.ca
Finavera Wind Energy Agrees to Memorandum of Understanding with McLeod Lake Indian Band
(via e-mail... )
VANCOUVER, Canada, August 23rd, 2011 - Finavera Wind Energy Inc. ("Finavera" or the "Company")(TSX-V: FVR) is pleased to announce it has reached an agreement in principle to terms on a Memorandum of Understanding ("MOU") with the McLeod Lake Indian Band for the development of the Company's four wind projects in the Peace Region of British Columbia. The MOU marks the beginning of a partnership between McLeod Lake Indian Band and Finavera that will see benefits flow to both parties through the construction and operation of four wind projects that will produce 300 megawatts of clean, renewable electricity. The MOU will be celebrated at an official signing ceremony in the McLeod Lake Indian Band community later this month.
McLeod Lake Indian Band Chief Derrick Orr said, "The McLeod Lake Indian Band is happy to support Finavera and the responsible energy they will be producing. We look forward to the success of this project and to a long and mutually beneficial relationship with Finavera."
Finavera Wind Energy CEO Jason Bak said, "We are extremely proud to enter into this partnership with the McLeod Lake Indian Band on the development of our wind projects in British Columbia. Chief Derrick Orr has a strong vision for his community and we are thankful for their support of Finavera and these projects. Together, we can provide opportunities and build a legacy for future generations."
The MOU is a mechanism through which the McLeod Lake Indian Band has provided its acknowledgement and acceptance for the Tumbler Ridge, Wildmare, Meikle, and Bullmoose Wind Projects. The MOU establishes the processes and sharing of benefits that will ensure an ongoing positive relationship with the McLeod Lake Indian Band. In return for their consent and support of Finavera's Wind Projects, the McLeod Lake Indian Band will benefit through training, employment, business opportunities and financial participation in the projects. Finavera commits to providing clean, renewable energy that brings benefits to First Nations and all British Columbians in a manner that respects Aboriginal and Treaty rights and minimizes environmental impacts. The four wind projects that are covered by the MOU are: 45 MW Tumbler Ridge Wind Energy Project, 77 MW Wildmare Wind Energy Project, 117 Meikle Wind Energy Project, and the 60 MW Bullmoose Wind Energy Project.
The agreement with McLeod Lake Indian Band is the second of five such agreements that the Company hopes to conclude. The Company signed an MOU with Halfway River First Nation in 2010. Discussions with three other First Nations (West Moberly First Nation, Doig River First Nation and Saulteau First Nations) are currently in progress.
For more information about the McLeod Lake Indian Band please visit: www.mlib.ca.
Jason Bak, CEO
For more information:
Finavera Renewables
Myke Clark
SVP Business Development
Finavera Renewables
(604)-288-9051
mclark@finavera.com
McLeod Lake Indian Band
Bob Inkpen
MLIB Development Corp.
P: (250) 788 8823
C: (250) 788 6808
inkpen@ca.inter.net
Investor Relations
Pinnacle Capital Markets
Spyros Karellas
(416) 800-8921
(416) 433-5696
spyros@pinnaclecapitalmarkets.ca
An absolutely brutal summer here...
For the week: -8.22%
Finavera Wind Energy Signs Interconnection Agreements with BC Hydro for Wildmare and Tumbler Ridge Wind Projects
(by company e-mail alert - really terrific news!!!)
Vancouver, Canada, May 17th, 2011 - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) is pleased to announce it has signed interconnection agreements with British Columbia Hydro for the Company's 77 megawatt ("MW") Wildmare and 47 MW Tumbler Ridge Wind Energy Projects. Finavera and BC Hydro have signed a Standard Generator Interconnection Agreement ("SGIA") for the Tumbler Ridge Wind Energy Project and an Early Engineering and Procurement Agreement ("EEPA") for the Wildmare Wind Energy Project.
Finavera Wind Energy President and COO Peter Leighton said, "These interconnection agreements are a critical milestone as we advance towards construction on our first two wind energy projects. The agreements confirm the commercial operation dates for our two projects that are closest to construction and operation, and provide the basis for delivering clean, renewable electricity to the grid."
The Standard Generator Interconnection Agreement signed for the Tumbler Ridge Wind Energy Project is the most critical document in the overall process for interconnecting wind power generation to the British Columbia transmission system. The SGIA identifies the responsibilities of both Finavera and BC Hydro and the detailed steps required to interconnect the Tumbler Ridge Wind Energy Project to the BC Hydro Transmission System. The Agreement also confirms the Commercial Operation Date of November, 2012 for the wind farm is achievable. In connection with the signing of the SGIA, Finavera has provided a $500,000 Letter of Credit to BC Hydro as security.
For the Wildmare Wind Energy Project, the Company has signed an Early Engineering and Procurement Agreement with BC Hydro. The agreement allows BC Hydro to commence certain permitting, engineering and procurement activities in a timely manner in advance of a full SGIA being executed. The EEPA also assists Finavera in achieving the November, 2013 Commercial Operation Date for the Wildmare Wind Energy Project in advance of entering a full SGIA. The draft of the SGIA for the Project is currently under negotiation, and it is currently anticipated Finavera will enter into the final SGIA in summer of 2011. In connection with the signing of the EEPA, Finavera has provided a $1,000,000 Letter of Credit to BC Hydro as security.
Jason Bak, CEO
For more information:
Finavera Renewables
Myke Clark
SVP Business Development
Finavera Renewables
(604)-288-9051
mclark@finavera.com
Investor Relations
Pinnacle Capital Markets
Spyros Karellas
(416) 800-8921
(416) 433-5696
spyros@pinnaclecapitalmarkets.ca
Christopher Waldron
(416) 900-3719
chris@pinnaclecapitalmarkets.ca
-7.07% is the scorecard for the week...
Finavera Wind Energy’s Wildmare and Tumbler Ridge Wind Energy Projects Enter Environmental Assessment Review Stage
Vancouver, Canada
April 4, 2011
Finavera Wind Energy Inc. (‘Finavera Wind Energy’ or the ‘Company’) (TSX-V: FVR) is pleased to announce the British Columbia Environmental Assessment Office has formally accepted the Company’s applications for an environmental assessment certificate for the proposed 77 megawatt (MW) Wildmare and 47 MW Tumbler Ridge Wind Energy Projects on the basis that the applications contain the information prescribed by the Application Information Requirements. The Application review process for the two projects officially began on April 1, 2011. The Application Review stage must be completed in a maximum of 180 days. After the Review stage is complete, they will be considered by the Ministers for an Environmental Assessment certificate (maximum 45 days).
The commencement of the 180 Application Review stage on April 1, 2011 ensures the projects remain on schedule for their proposed financial close and commercial operation dates. The Application Review stage will include a public comment period and open houses in the local communities close to the project sites.
The Tumbler Ridge and Wildmare Wind Energy Project Environmental Assessment applications can be viewed at: www.eao.gov.bc.ca.
The Environmental Assessment Application for the Company’s 117 MW Meikle Wind Energy Project will be submitted to the EAO in the Spring of 2011, and the Application for the 60 MW Bullmoose Wind Energy Project is scheduled to enter the Environmental Assessment process the following year.
Jason Bak, CEO
Still drifting lower on the weekly chart...
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