Item 1.01. Entry into a Material Definitive Agreement On January, 4, 2008, the Registrant and asola Advanced and Automotive Solar Systems GmbH ("Asola"), entered into and closed an agreement by which the Registrant acquired 24.9% of the capital stock of Asola, for 300,000 Euros ("Agreement").
Pursuant to the Agreement and as part of the Registrant's acquisition of the 24.9% interest in Asola, the Registrant agreed to (i) subject to certain conditions, contribute up to 1.2 million Euro to the capital reserve of Asola on or before March 31, 2008, to support Asola's expansion to at least 30 MW, (ii) provide a corporate guaranty on a new or expanded Asola bank loan or line of credit, within four to six months following the closing, and (iii) transfer a 15% ownership interest in the Registrant's solar venture in the United States, if and when such venture is established.
The transactions covered by the Agreement were previosuly the subject of a binding letter of intent between the Registrant and Asola, the terms of which were disclosed by the Registrant on Form 8-K, filed with the Securities and Exchange Commission on May 16, 2007.
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wow. looking back at the messages, it seems like the best time to get out of this one was on the 12th, when it failed to rally following the after-hours spike from day prior.
-------------------- the market is not your mother Posts: 1282 | From: Montreal | Registered: Mar 2006
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