Is this spin off from last year's pr in this regard?
News for 'SNRY' - (Solar Energy Initiatives, Inc. Announces Spin-Off of Solar Park Company Solar Park Initiatives, Inc. will be Separate Public Company)
PONTE VEDRA BEACH, Fla., Oct 01, 2009 (BUSINESS WIRE) -- Solar Energy
Initiatives, Inc. (OTCBB:SNRY) executing on its corporate mission to Renew T! he
Nation via economic development through the sale and installation of Solar
Thermal, Photovoltaic (PV) and other Solar technologies, today announced that it
will be spinning-off Solar Park Initiatives, Inc., its wholly owned solar park
company.
SNRY's shareholders of record, as of October 15, 2009, will receive one common
share of Solar Park Initiatives, Inc. for every two common shares of SNRY owned.
The transaction is cash and tax free for all SNRY shareholders. SNRY's
shareholders as of the record date will not be required to pay for any shares
distributed to them, take any action to receive the stock dividend, and will be
classified as a "tax free" transaction for SNRY shareholders.
It is anticipated that Solar Park Initiatives will announce the hiring of key
management, with extensive business and alternative energy backgrounds, in the
next 30 days. It is believed that Solar Park Initiatives will begin trading as a
publi! c company by late 2009 or early 2010.
As a result of the spin-off, both companies are expected to benefit from sharper
management focus, clearer strategic vision and greater opportunities to access
and allocate capital, while concentrating on investments in their respective
growth areas. The anticipated result is enhanced value for all shareholders.
Solar Park Initiatives will focus on developing large utility-scale solar parks.
Under this arrangement the new company will manage a previously announced West
Texas solar park project (estimated to be over 300 megawatts) while pursuing
other solar park projects currently under evaluation by SNRY. Solar Park
Initiatives will target projects ranging from 10 to 500 megawatts in geographies
favorable for development. SNRY will procure the solar system technologies for
Solar Park Initiatives' projects, thus enabling both companies to enjoy a
symbiotic relationship while focusing on their core! businesses.
Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives, stated,
"With a pipeline of $100 million in commercial/municipal solar projects, and the
exceptional opportunities facing our solar park company, we felt that this was
the right time for this transaction. Our Board of Directors decided to spin off
the solar park company based on the opportunity to create a second successful
public company that would benefit our shareholders. SNRY is ideally positioned
to assist municipalities, located around the U.S., to go solar and benefit from
low cost, high return solar solutions, while Solar Park Initiatives, Inc. will
focus on large scale power plants, providing power to the residential sector
while reducing strain on the grid. This spin off is consistent with the strategy
we have been executing to position SNRY for long-term growth, while creating
value for our shareholders."
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