SLMU broke out with great news on friday just before closing merger completed.....Salamon Group Inc. Announces Closing of Acquisition of Sunlogics Power Fund Management Inc.
MODESTO, Calif., May 13, 2011 (GLOBE NEWSWIRE) -- Salamon Group Inc. (OTCBB:SLMU), incorporated in the state of Nevada with headquarters in Modesto, California, announced today the closing of the acquisition of Sunlogics Power Fund Management Inc., the terms of which were set forth in the Amended Stock Purchase Agreement dated May 12, 2011.
As a result of the closing, the Company will now be focused on the acquisition and funding of solar powered electricity generating facilities which have long term power purchasing agreements in place with local power, with particular emphasis on solar projects in Ontario, Canada and on the General Motors solar energy projects to be constructed. Sunlogics Power Fund was granted a right of first offer by Sunlogics Inc. ("SLI") to acquire all revenue producing solar assets developed by SLI pursuant to a Right of First Offer to Purchase Agreement it entered into with SLI, a company formed under the laws of the province of Ontario, Canada, a developer and builder of revenue producing solar assets.
"We are very pleased to have closed on the acquisition. Our unique relationship with Sunlogics Inc. as a preferred partner and the combined experience of management in the solar industry put us ahead of the competition," said Michael Matvieshen, President and CEO of SLMU. "We are excited to move the Company forward and begin to create shareholder value."
About Sunlogics Power Fund Management Inc.
Sunlogics Power Fund Management Inc. is focused on the acquisition of solar powered electricity generating facilities which have long term power purchasing agreements in place with local power utilities.
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