NEWS
ARISE Technologies Corporation Announces New Vice President and Solar Park Initiatives TSX Venture Exchange Symbol: APV
WATERLOO, ON, Sept. 4 /CNW/ - ARISE Technologies Corporation (TSX-V: APV)
(ADAX: A3T) is pleased to announce that it has hired Richard Lu as Vice
President, Business Development effective September 1, 2007. Richard will be
responsible for Asian business development as well as PV Systems sales in the Greater Toronto Area (GTA).
Richard has extensive experience in the energy market and was previously
the Chief Conservation Officer and Vice President of Toronto Hydro
Corporation. Richard holds an MBA from the University of Toronto, a Doctorate
of Medicine (MD) from Tongji University in China as well as several other
degrees. Through his role with Toronto Hydro he has been involved with several
significant Solar Photovoltaic (PV) Projects in Ontario. Per the terms of his
agreement with the Company he has been granted options to acquire 400,000
common shares of ARISE at $0.90 per share subject to final approval by the
Board of Directors of ARISE and the TSX Venture Exchange. Of these options
100,000 will vest immediately. The remaining 300,000 will vest in 100,000
share increments every six months.
ARISE has recently signed four non-binding Letters Of Intent to provide
complete solar park PV Systems totally 14.5MW to be installed over the next
two to three years. In addition, following its announcement of June 19, 2007
the Company has now signed agreements to install grid connected solar electric
PV Systems on 28 residences through the West Toronto Initiative for Solar
Energy (WISE) with the potential for up to 100 residences in total. The
Company has identified a number of potential PV System projects and has set a
strategic goal to install 100MW of PV in Ontario by 2010. This target
represents about 40% of the Company's projected output from its German PV cell
manufacturing plant over the same period.
As a result of the Ontario Renewable Energy Standard Offer Program
("RESOP", see
www.powerauthority.on.ca) ARISE is experiencing increased
interest in installing Photovoltaic Systems on residential, industrial,
commercial and institutional buildings as well as directly on open land (solar
parks). In response to the interest the Company plans to create three regional
branches in Ontario with the first one located at the ARISE office in Waterloo
for the western Ontario region. The Company plans to have branches for the GTA
region and also for the eastern/northern Ontario region.
Ian MacLellan, President and CEO stated, "The German PV market is the
largest in the world having installed 1,150 MW in 2006. Germany now represents
45% of the world market, up from 14% in 2000. The industry production in MW
has been growing at an average compounded growth rate of 40% per year since
1996. Our initial experience with the RESOP is the Ontario market appears to
be on a similar trajectory as Germany in the late 90's with their 100,000-roof
initiative. We are targeting to be a significant PV System supplier focused on
the Ontario market. Richard is a great addition to the team and will assist us
in making this happen."
About ARISE
ARISE Technologies is dedicated to accelerating the use of solar energy
in mainstream North American markets. The Company has three operations:
Photovoltaic (PV) Technology, Silicon Feedstock and Systems. ARISE Common
shares are listed on the TSX Venture Exchange under the trading symbol APV and
on the Frankfurt Stock Exchange Open Market under the symbol A3T. Additional
information is available at
www.arisetech.com and
www.sedar.com. Certain
statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
estimated or implied results. The TSX Venture Exchange has neither approved
nor disapproved the contents of this news release.
%SEDAR: 00017494E
For further information: ARISE Technologies Corporation, 65 Northland
Road Waterloo, Ontario, Canada, N2V 1Y8 Tel., (519) 725-2244, Fax: (519)
725-8907,
www.arisetech.com; Ian MacLellan, President & CEO, (519) 772-5707,
ian.maclellan@arisetech.com
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