ARISE secures German loan worth 47.05 million euros 2007-09-11 17:03 ET - News Release Mr. Ian MacLellan reports ARISE TECHNOLOGIES CORPORATION ANNOUNCES ESTABLISHMENT OF CREDIT FACILITIES OF UP TO 47.05 MILLION EUROS WITH COMMERZBANK ARISE Technologies Corp.'s wholly owned subsidiary, ARISE Technologies Deutschland GmbH, has completed definitive agreements in respect of credit facilities totalling up to 47.05 million euros with Commerzbank AG. These credit facilities combined with the previously announced German incentives through the Saechsische Aufbaubank (SAB) and the equity investment by ARISE will be used to construct and equip the 50-million-euro high-efficiency photovoltaic (PV) cell manufacturing plant in Bischofswerda, Germany. The credit facilities totalling 47.05 million euros include a 15-million-euro subsidy bridge loan, a 9.5-million-euro VAT bridge loan, a 12.55-million-euro long-term loan for construction and equipment and a 10-million-euro working-capital line. The credit facilities are secured by the usual securities regarding credit lines of this type and nature. The availability of the credit facilities are subject to certain standard conditions precedent. Ian MacLellan, president and chief executive officer, stated: "We are pleased to have Commerzbank as our banking partner in Germany. Their support on this project both in Hamburg at the Center of Competence for Renewable Energies and on local level in the state of Saxony has allowed us to conclude the agreements that will allow us to build our first manufacturing plant at our site in Bischofswerda." "The Commerzbank's renewable energies and corporate finance team is dedicated to providing the credit arrangements for companies that have both a compelling technology story in the renewable energy space and the ability to execute on their objectives," stated Christian Schulz, assistant vice-president, Commerzbank. Thomas Klatte, vice-president, Commerzbank, further commented: "We have been very impressed with the partners ARISE has chosen in constructing the manufacturing facility and in procuring the equipment. We are excited to be a key financing partner for ARISE." About Commerzbank Since taking over Eurohypo, Europe's largest institution specializing in financing real estate and public-sector projects, Commerzbank has been Germany's second-largest bank and one of the leading banks in Europe. Its consolidated balance sheet total stands at 608 billion euros. Approximately 36,000 employees, 8,725 of them active outside Germany, look after more than eight million customers worldwide. |