ICP Solar Technologies Completes Merger and Initial Public Financing with FC Financial Services (OTCBB: FCFN.OB)
Montreal, Canada, Oct 02, 2006 (BUSINESS WIRE) -- ICP Solar Technologies, Inc. today announced the closing of a merger with FC Financial Services, Inc. (OTCBB: FCFN.OB). The resulting issuer will operate under the name ICP Solar Technologies, Inc. and will assume and execute ICP Solar's renewable energy business plan as its sole business. ICP Solar will retain senior management led by Founder, CEO and Chairman Sass M. Peress, and Arlene Ades, Executive VP - Business Development.
Pursuant to the merger, ICP Solar completed a $5 Million private placement of common stock, with additional warrants having an exercise value of $5 Million, from a group of institutional and accredited investors. "The successful completion of the merger and our financing represents a significant step in positioning the Company for future growth," said Mr. Sass M. Peress, Chairman & CEO. "Substantial investments from premier institutional investors in our private placement have given us access to both capital and strategic introductions that will significantly benefit the Company moving forward. The public listing provides the proper venue for attaining a higher level of corporate visibility and allows investors to better assess ICP Solar's value in relation to its publicly traded peers."
ICP Solar is a developer, manufacturer and marketer of solar cells, and solar cell based products and building materials. Through the application of next-generation technologies and use of proprietary intellectual design, the Company aims to be the industry's innovation leader. "For the past 18 years ICP Solar has led the consumer market through innovation, and we have now begun to apply that same philosophy to the OEM, rooftop and power generation segments of the solar industry," said Arlene Ades.
ICP Solar is currently developing a variety of new solar cell based products aimed at the Rooftop, OEM and consumer markets. ICP Solar is expanding its geographic focus with greater intensity in Europe and Asia-Pacific, and concerted efforts to gain retail market share in North America. Through partnerships with premier accounts such as West Marine®, Amazon.com™, Wal-Mart®, Conrad Electronics™ (Germany), LeRoy Merlin (France), Dick Smith Electronics (Australia), Costco®, and with its exclusive Coleman® branding license, ICP Solar's strategic plan calls for significant market expansion through these retail partners. It is also particularly focused in developing innovative rooftop solutions for the Californian and Spanish solar market, based on its patented thin film designs, as well as OEM automotive solutions for current customers such as Volkswagen and Winnebago.
ICP Solar's management has over 50 years of experience in the solar energy sector. The company currently counts over 55 team members, with headquarters located in Montreal, Canada, and additional locations in United Kingdom, USA, Ireland and France. ICP Solar intends to shortly follow this transaction with a further listing on the Frankfurt Stock Exchange. For more information about ICP Solar, visit www.icpsolar.com or contact Sass Peress at: speress@icpsolar.com or Tel: 514-270-5770 x105.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the Company's ability to develop and manufacture solar cell based products and production opportunities. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. Although the forward- looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our inability to generate sufficient operating cash flow to construct and adequately maintain our production facilities and service our anticipated debt, commodity pricing, environmental risks and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release. SOURCE: ICP Solar Technologies, Inc.
About ICP Solar
ICP Solar is a leading manufacturer of products based on advanced solar technology. ICP Solar develops innovative solar-powered products that respond to the needs of consumer, commercial and OEM clients. Founded in 1988, ICP Solar has distribution networks in more than 160 countries worldwide. Headquarters in Montreal, Canada, ICP Solar also has manufacturing and distribution facilities in the UK, US and Ireland. For more information, please visit www.icpsolar.com or write press@icpsolar.com.
