This news is a HUGE sigh of relief.
At no time was there uncertainty as to Sunlogics PLC's potential, as it has secured exclusive long-term contracts with GM, etc. At all times, the uncertainty was whether Sunlogics PLC would honor its stated plan to sell all solar assets to Sunlogics Power Management Fund, Inc., which is controlled by MM.
I swallowed hard when it appeared MM had been ousted. I could think of no way SPFMI could independently obtain the financing it needs to execute its option to purchase Sunlogics' solar assets. And if his removal was indeed adversarial, I could think of no reason why Sunlogics would honor the contract instead of giving MM the finger and financing its projects through one of its other subsidiaries (like Sunlogics Equipment Finance LLC).
This press release secures, once and for all, Sunlogics' intent to utilize SPFMI, as it has always said it would. "Salamon Group, Inc. (OTCBB:SLMU) ("Salamon" or the "Company") is pleased to announce that Sunlogics, Plc. has lent $200,000.00 to the Company as part of a pre-approved debenture of up to $2,500,000.00."
Whether or not MM is on the board, SPFMI's future is secure.
