Montreal, Canada, March 6, 2007 – ICP Solar Technologies Inc. (OTCBB: ICPR, FRANKFURT: K1U.F), a developer, manufacturer and marketer of solar cells and products, announced today that it has completed the acquisition of privately held WES Power Technology Inc, a leader in renewable power performance management systems.
"We believe that the acquisition of Wes Power and its GreenMeter™ technology is strategically important for us," said ICP Solar CEO and Chairman, Sass Peress. "When combined with our patented rooftop solar tile technology, the Sunsei® Industrial line will now be in a position to provide our current customers, as well as new power generation channel customers, with a real-time hybrid communications monitor/controller for their systems. This will give our company a competitive advantage in the marketplace and position us to become a leader in these fast growing renewable power categories."
All of the ICP Solar chargers come with Plug’n’Play™ connections for quick connectivity, several adaptors for different applications including the GreenMeter™ which includes desktop software that records and displays the power generated from panels and up to the minute information on greenhouse gas savings.
“ICP Solar’s significant operational and manufacturing experience combined with our product development team will enhance our ability to serve our customers in the security and telecom segments and expand into the residential markets, says Gerry Heffernan, CEO WES Power Technology. “We look forward to working together and expanding our distribution options and leveraging the ICP Solar sales team particularly in the rapidly growing California market.” Financial terms of the transaction were not released.
ICP Solar is a developer, manufacturer and marketer of solar panels, solar cell based products, solar monitoring software and solar power management solutions. Through the application of its own intellectual property and next-generation technologies, the Company aims to be the solar industry's innovation leader. For the past 19 years, ICP Solar has been a lead innovator in the consumer solar market and has now begun to apply that same innovation philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. ICP Solar markets its products under its Sunsei brand of solar products and is the North American licensee of the Coleman(R) brand in the solar charger category. ICP Solar is also helping the environment by offering these solar technologies and green solutions to the renewable energy sector. The company's headquarters are located in Montreal, Canada, with an R&D center in St. John's Canada and additional locations in the USA, Ireland, France and the UK.
Corporate information may be found at www.icpsolar.com
About WES Power Technology Inc:
WES Power Technology Inc. is a St. John's Newfoundland based company that is developing a line of performance management products for the renewable power market, for which wind and solar are key power sources.
Corporate information may be found at www.wespt.com.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of ICP Solar Technologies Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in ICP Solar Technologies Inc.'s Annual Report for the fiscal year ended January 31,2008, as filed on EDGAR at www.sec.gov. The risk factors identified in ICP Solar Technologies Inc. Annual Report are not intended to represent a complete list of factors that could affect ICP Solar Technologies Inc. Accordingly, readers should not place undue reliance on forward-looking statements. ICP Solar Technologies Inc. does not assume any obligation to update the forward-looking information contained in this press release.
Contact:
ICP Solar Technologies Inc.
Laurent Lafite
Tel: 514-270-5770 ext. 120
Email: Llafite@icpsolar.com
Lippert/Heilshorn & Associates
Jody Burfening/Elric Martinez
Tel: 212-838-3777
Email: emartinez@lhai.com