Montreal, Canada, June 11, 2008 – ICP Solar Technologies Inc. (OTCBB: ICPR, FRANKFURT: K1U.F), a developer, manufacturer and marketer of solar panels and products, today announced that it has completed a private placement of 11% senior convertible debentures and warrants to institutional and accredited investors resulting in total gross proceeds of $3.3 million. ICP Solar will use the proceeds towards working capital and to continue to expand its proprietary portfolio of high quality solar products, patents, trademarks and their distribution channels. The investment was led by BridgePointe Master Fund Ltd. managed by Roswell Capital Partners.
Sass Peress, ICP Solar Chairman and Chief Executive Officer, added, "We have invested heavily in our infrastructure over the last year. We believe that our long-term results will bear out that these investments have increased our ability to provide our clients with the most innovative consumer solar products in the industry. This financing will also enable us to further broaden our business model by providing the resources to aggressively grow our residential power generation and OEM channels.
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
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.
Laurent Lafite
Tel: 514-270-5770
Email: Llafite@icpsolar.com
Lippert/Heilshorn & Associates
Jody Burfening/Elric Martinez
Tel: 212-838-3777
Email: emartinez@lhai.com