SES Solar Inc.: SES Solar Announces a $3.7 Million Private Placement
SES Solar Announces a $3.7 Million Private PlacementBalance of Plant Financing Expected Soon GENEVA — (MARKET WIRE) — November 22, 2006 — SES Solar Inc. (OTCBB: SESI), a leadingEuropean-based developer of cost-effective, high productivity solar panelsand solar roof tiles, is pleased to announce that it has received andaccepted subscriptions for
approximately USD 3.7 million (CHF 4.6 million)relating to a private placement for 4,100,001 common shares of the companyat USD 0.90 per share. Proceeds from the financing will be used for theconstruction of the company’s new state-of-the-art solar panelmanufacturing facility in Geneva.
The securities offered by SES Solar have not been registered under theSecurities Act of 1933 and may not be offered or sold in the United Statesabsent registration or an applicable exemption from the registrationrequirements of the Securities Act of 1933.
“We are very pleased with the confidence investors are showing in SESSolar,” said Jean-Christophe Hadorn, chief executive officer and presidentat SES Solar Inc. “We are in advanced negotiations for obtaining thebalance of the construction financing, and believe we will conclude thosediscussions soon.”
http://www.sessolar.com
SES Solar’s current business plan includes the development of new assemblylines based on its patented methodology which allows for low costproduction of technologically advanced solar panels and solar roof tiles inEurope. The company plans to construct a state-of-the-art manufacturingfacility in the suburbs of Geneva, Switzerland. SES Solar receivedauthorization to build a production site on the property from the State ofGeneva.
About SES Solar Inc.
SES Solar’s wholly owned subsidiary, SES Switzerland was incorporated underthe laws of Switzerland on March 26, 2001. Its principle business is theproduction of solar photovoltaic modules and roof tiles from silicon cells.SES Switzerland’s proprietary products are based upon integrating uniquearchitecture on commercially available high-performance modules and solartiles. SES Switzerland services global market integrators and resellers aswell as its own clientele and is positioned as one of the few manufacturersin Europe that can also produce customized solar photovoltaic modules thatare larger than three square meters. Additionally, SES Switzerland’spatented industrial production process yields photovoltaic modules inEurope at Asian manufacturing costs. Of great importance in today’s worldis that SES Switzerland’s photovoltaic technology turns solar energydirectly into useable electricity without releasing carbon dioxide. Foradditional information please visit www.sessolar.com
Safe Harbor
Except for historical information, the matters set forth herein, which areforward-looking statements, involve certain risks and uncertainties thatcould cause actual results to differ. Potential risks and uncertaintiesinclude, but are not limited to, additional unforeseen expenses that thecompany incurs in implementing its growth strategy; the failure by thecompany to operate effectively in a highly competitive industry with manyparticipants; the company’s ability to keep pace with technologicaladvances and correctly identify and invest in the technologies that becomecommercially accepted; the company’s ability to protect its intellectualproperty rights and exposure to infringement claims by others; thecompany’s ability to operate efficiently, without work stoppages, labordisputes, equipment/mechanical break-downs and in compliance with currentand new governmental regulations; the company’s ability to generaterevenues, and the company’s ability to obtain financing to build themanufacturing facility as well as if and when necessary to meet cashrequirements.
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