Premier Power Renewable Energy Inc. (OTCBB:PPRW), a leading solar integrator with operations in the US and Europe, has completed a reverse merger transaction resulting in Premier Power Renewable Energy, Inc. becoming a public company. In connection with the merger, the Company closed a $7 million private placement led by Vision Capital Master Investment Fund, which consisted of 3.5 million shares of Preferred stock at $2.00 per share. GT Securities was the placement agent for the transaction and Genesis Capital Advisors served as the financial advisor.
Premier Power is among the largest and largest and fastest growing solar integrators in the nation. Premier Power designs and installs Photovoltaic or "Solar Energy Systems" for small and large commercial businesses as well as industrial, residential, and agricultural installations. The Company has extensive engineering experience and a track record that has won clients ranging from KB Home, Pacific Gas and Electric (PG&E), Princeton University, Shafer Vineyards, Silverado Wineries, ATT, and comedian Jay Leno among others. Premier Power's proprietary and non-proprietary systems combine with the leading solar modules from GE, Sharp, Schuco and Sun Power (NASD: "˜SPWR') to offer clients the highest efficiencies with application specific solutions. Premier Power's systems are designed to meet the wide variety of needs found in today's expanding market efficiently and effectively.
Premier Power services the west coast through offices in Northern California and Southern California, and services the east coast though its New Jersey office. In Europe, Premier Power currently has offices in Pamplona and Madrid Spain and is looking at expansion locations in Italy and France.
Premier Power posted sales of $16.7 million in 2007 and has contracted $48 million in sales for 2008. Premier Power was profitable in 2006 and 2007 and is experiencing strong sales in the US and Europe.
Dean R. Marks President and CEO of Premier Power said: "Today is an outstanding milestone for the Premier Power family. We are having a strong year and anticipate a series of firsts in the US and European markets that demonstrate the value of our teams' engineering ability and depth of solar design and installation experience. We are looking forward to even a bigger 2009."
Adam Benowitz of Vision Capital said; "Premier Power's proven track record domestically and in Europe, along with their diversification across all market segments has made them a natural market leader, and positions them for outstanding future growth making them a great investment opportunity".
Premier Power is headquartered in El Dorado Hills, CA and trades on the OTC Bulletin Board under the symbol PPRW.OB. Additional information is available at the Company's website at www.premierpower.com and in Premier Power's Current Report on Form 8K Filed with the SEC on September 11, 2008.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the "Reform Act"). Forward-looking statements can be identified by the use of words such as "expects," "plans" "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Premier Power Renewable Energy, Inc. (the "Company"). However, actual events or results may differ from the Company's expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, competition with larger companies, development of and demand for a new technology, risks associated with U.S. and international transactions, the impact of current, pending, or future legislation and regulation on the industry, general economic conditions, availability of funds for capital expenditure by customers, availability of timely financing, cash flow, timely delivery by suppliers, ability to maintain quality control, collection-related risks from U.S. and international transactions, or the Company's ability to manage growth. Other risk factors attributable to the Company's business may affect the actual results achieved by the Company including those that are found in the Company's most recent Current Report filed on Form 8-K, which risk factors will also be included with or prior to the filing of the Company's next Quarterly or Annual Report. All forward-looking statements included in this release are made as of the date of this press release, and the Company assumes no obligation to update any such forward-looking statements.