Montreal, Quebec, Oct. 23, 2008 — ICP Solar Technologies Inc., a developer, manufacturer and marketer of solar panels, announced that it has entered into a binding letter of intent (LOI) to acquire Ibersolar Energia S.A., a European manufacturer and supplier of solar photovoltaic systems, solar thermal systems, and absorption units. The private company, established in 1999 and headquartered in Spain, has annualized sales of more than $154 million and has been profitable since 2005.
Under the terms of the letter, ICP will acquire 100 percent of the shares of Ibersolar. The companies agree and undertake to enter into a mutually agreeable definitive share purchase agreement and any other documents necessary for the acquisition within six weeks of the signing of the letter, or as soon as practicable thereafter. In addition, the closing of the acquisition is contingent upon financing by ICP of a minimum of $15 million on terms acceptable to both parties. A financing plan must be arranged before December 15, 2008; additional terms are outlined in a Form 8K filed with the SEC. The new company structure after the acquisition, but before the financing, will be owned 20 percent by existing ICP shareholders and 80 percent by existing Ibersolar shareholders on a fully diluted basis.
Ibersolar Energia offers a range of PV modules, grid-connected and off-grid inverters, mounting systems, solar trackers and monitoring equipment, as well as complete solar thermal systems, including high performance collectors, solar boilers, controllers, and thermal siphons. The company has developed a roof system which integrates flexible amorphous silicon modules with waterproof membrane solutions.
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