Wantage, NJ, Jan. 6, 2006 — International Power Group Ltd. has signed a binding letter of intent to purchase 51% of GiraSolar B.V., a privately held Netherlands corporation and its related subsidiaries for $4,400,000 in a stock and cash transaction.
GiraSolar B.V. had year end 2005 revenue in excess of $12.1 million, which will be consolidated into International Power Group.
GiraSolar B.V. is headquartered in The Netherlands and is a manufacturer of photovoltaic solar modules and a range of electronic devices including regulators for PV systems to heavy duty automatic voltage stabilizers, batteries and battery chargers. The products are designed to bring energy to developing countries and disaster or crisis areas (emergency relief applications). The company is also involved in the supply of solar cell to manufacturers of solar modules and has an active research and development program for the development of additional solar energy applications.