SURREY, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/19/10 -- P2 Solar, Inc. (OTCBB: PTOS) (the "Company") is proud to announce that it entered into a Letter of Intent with South Korean EPC, OSolar. The two companies are working to form a Strategic Alliance as part of the project team for the 25MWp Solar Power Station proposed for Punjab India.
OSolar brings a wealth of knowledge and expertise with its stellar team of engineers and technicians. Formerly known as Conergy Korea, the company separated from Conergy of Germany and changed its name to OSolar on January 11, 2010. It is currently responsible for designing, constructing and operating one of the largest Solar Power Stations in Asia at 24MWp in size.
Both companies participated in working on the technical feasibility study that was submitted to the Indian government agencies at the end of January. As part of the Strategic Alliance, OSolar will provide various consulting, design, and construction, services, as well as assist in the funding. This being the first and largest solar power project of its kind in this region, it will become a showcase project for Punjab India.
"We are very excited to be working with such a skilled and experienced team and look forward in having the unique knowledge and hands on experience of OSolar to assist us with our project in Punjab India," said Mr. Raj-Mohinder Gurm, President / CEO of P2 Solar.
About P2 Solar, Inc.
P2 Solar, Inc. is dedicated to building large scale Solar Power Stations in countries with a high demand for clean renewable power. Currently the company is focusing its efforts in India as a primary target market, an area starved of power, yet enjoying maximum exposure to sunlight. The company will be involved in R & D for solar technology and will be implementing a Solar Module Assembly facility in India for the production of solar panels for application in its Commercial and Industrial projects. For additional information please visit our website at http://www.p2solar.com.
About OSolar, Inc.
OSolar, Inc. is a professional engineering company that provides one-stop total solutions for photovoltaic projects from consulting, licensing, and design to construction and O&M services.
OSolar has drawn remarkable attention from Korean industry for having successfully completed the fastest installed MW PV power plant in MuAn in 2006 and the world's largest parking-lot PV power plant in HamPyeong County with an output of 2MWp in May 2007. The following year, OSolar installed Asia's largest PV power plant (24MWp) in ShinAn, southwest of the Korean capital of Seoul. For additional information please visit their website at http://www.osolar.com.
Forward-Looking Statements
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the P2 Solar, Inc.'s reports filed with the Securities and Exchange Commission. P2 Solar, Inc. undertakes no duty to update these forward-looking statements.
Contacts: Capital Group Communications, Inc. Mark Bernhard Investor Relations Contact (415) 332-7200 mark@capitalgc.com www.capitalgc.com
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