NEWS:SOPV:Solar Park Initiatives, Inc. Investor Update
PONTE VEDRA BEACH, FL, Oct 28, 2010 (MARKETWIRE via COMTEX) -- Solar Park Initiatives, Inc. /quotes/comstock/11k!sopv (SOPV 0.39, -0.01, -2.50%) , a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, will provide a recap of company milestones as follows:
On 8-30-10 Solar Park Initiatives, Inc. received approval from the Financial Industry Regulatory Authority (FINRA) to begin trading on the NASDAQ OTC under the trading symbol SOPV. Solar Park Initiatives, Inc. became a fully-reporting, publicly-traded company.
On 9-20-10 Solar Park Initiatives, Inc. announced the acquisition of Maple Leaf Renewables Group, Inc. and its developing project pipeline assets in Texas and California
On 9-27-10 the company announced that it had signed a Letter of Intent to build a solar park on 285 acres of land in California. Solar Park Initiatives will be involved in the design, construction and operation of the solar park which could generate up to $70 million in revenues, depending on completed funding and project development.
On 9-30-10 Solar Park Initiatives CEO discusses, "Grid Parity." David Surette, CEO of the company, stated, "Our current cost structure for engineering, procurement, and construction (EPC) and operations and maintenance allows us to create electricity from solar energy at grid parity pricing in certain parts of the country. Manufacturers are quickly approaching a $1 per watt manufacturing cost."
On 10-12-10 the company announced that it had signed a Letter of Intent to build up to a One Gigawatt solar park in California. The project is planned on a 5,000 acre parcel and could generate up to $3.5 Billion in revenue depending on completed funding and project development.
Mr. Surette, CEO, goes on to state, "California now has the most ambitious renewable electricity standard (RES) in the country requiring 33% of their energy from renewable sources by the year 2020. We are positioning the company to become a significant contributor to the creation of electricity from solar in California and other states where Power Purchase Agreements (PPAs) with local utilities will allow the company to create long-term revenue streams. Recently the Federal Energy Regulatory Commission (FERC) announced a decision clearing the way for multi-tiered State feed-in tariffs in the United States, Solar Park Initiatives is very optimistic about the company's ability to benefit from this FERC decision. The announcement mentions that California consumes about 300 TeraWatts (TWh) or 300 Trillion Watts per year. For more information on the FERC decision, go to: http://www.windtoday.net/articles/Report__FERC_Decision_Clears_Way_For_Multi_Tiered_
State_Feed_In_Tariffs_In_United_States-100469.html."
He continued, "As the push from Federal and State governments for more clean energy increases, we will be ready to move forward to seize the opportunities as they become more numerous. We are excited about the projects that we are working on, especially in California, and will continue to work towards growing our pipeline of solar park projects."
Solar Park Initiatives, Inc. Business Strategy
Solar Park Initiatives intends to develop land for large utility scale solar photovoltaic ("PV") projects. The Company will provide engineering, procurement of products and construction ("EPC") via third party suppliers including its sister company Solar Energy Initiatives, Inc. SOPV will attempt to sell the resultant electrical production to various utilities and large commercial entities through a Power Purchase Agreement ("PPA"). The Company expects to provide energy savings to commercial and municipality users without any out of pocket engineering, procurement or construction ("EPC") costs to those users of energy.
Forward-Looking Statements
This press release contains forward-looking statements that reflect current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of the companies and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The companies assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the companies' expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the companies from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Contact Information:
David J. Surette
CEO
904-644-6090
www.solarparkinitiatives.com
Investor Relations:
Jeff Wagner
Email Contact
970-372-8934
SOURCE: Solar Park Initiatives, Inc.
http://www.solarparkinitiatives.comhttp://www2.marketwire.com/mw/emailprcntct?id=987C90B8C0953D66
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