Canadian-based Genalta Power invests US$2.4M in Californian solar power developer Premier Power Renewable Energy in exchange for 2.4 million shares of preferred stock as part of strategy to expand into U.S., European markets
EL DORADO HILLS, California
June 14, 2011
– Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader in the development, design, engineering, and construction of solar power systems for commercial, government, and utility markets globally, announced today that Genalta Power Inc, a Canadian-based, clean power generation company leading the way in waste energy to power applications, has made a $2.35 million strategic investment in Premier Power in exchange for 2,350,000 shares of preferred stock, priced at $1.00 per share, which are convertible to common shares at a conversion price of $1.00 per share.
“This strategic investment demonstrates Premier Power’s ongoing success at creating a global renewable energy platform,” said Premier Power’s Chairman and CEO, Dean Marks. “We’ve worked hard to bring solar to the global marketplace and this investment will further allow Premier to manage and attract profitable projects worldwide. Together with Genalta, Premier Power looks forward to exploiting the multiple strategic opportunities afforded by our partnership, including the development and construction of solar power plants in the Ontario market, which offers one of the most attractive solar feed-in tariffs in the world.”
“We see our strategic investment in Premier Power as a means of extending our reach into the US and European markets, wherein Premier Power has been long established as a leader in the development and realization of renewable energy projects,” said Genalta Power’s CEO, Graham Illingworth. “Furthermore, we view Premier Power’s expertise in the solar sector as highly complementary to Genalta’s expertise in waste energy to power applications, as together, we can offer our collective customers a broader range of renewable energy solutions, which optimize their return on investment.”
In addition, the company issued a warrant to purchase 2,000,000 shares of common stock at an exercise price of $1.00 per share; the warrant will expire on the earlier of 5 years or upon the consummation of a change in control, as defined in the agreement. Subject to closing conditions, the transaction is expected to close on or before June 24, 2011.
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global provider of large and medium-scale solar power systems, delivering unmatched experience to commercial, governmental and utility customers globally. Premier Power designs, engineers and integrates the solar industry's leading products. Premier Power's technologies and services have enabled its customers to maximize clean energy output along with project savings. Today, Premier Power designs and deploys the most innovative solar electric systems through market-leading innovation and exceptional customer service. Premier Power is headquartered in El Dorado Hills, CA and has common stock quoted on the OTC Bulletin Board under the symbol PPRW.OB. Additional information is available at the Company's website at www.premierpower.com.
About Genalta Power Inc.
Genalta Power Inc. is a privately held Canadian corporation in the business of developing proprietary technologies that will enhance the operating output and performance parameters of the projects that it percolates in by way of owning and operating independent power plants that produce and sell environmentally-friendly electricity from waste energy sources. Genalta capitalizes on opportunities in the independent power market by actively developing dependable, cost-effective and environmentally responsible power generation facilities. Genalta pursues a mix of waste heat recovery, waste fuel gas, and waste pressure projects. Genalta is developing projects in strategic regions of North America with an emphasis on the oil and gas industry. Visit www.genaltapower.com for more information.