ICP Solar Technologies, Inc. announced the closing of a merger with FC Financial Services, Inc. (OTCBB: FCFN).
The new company will operate under the name ICP Solar Technologies, Inc. and will execute its renewable energy business plan as its sole business. ICP Solar will retain senior management led by Founder, CEO and Chairman Sass M. Peress, and Arlene Ades, Executive VP – Business Development. Pursuant to the merger, ICP Solar completed a $5 Million private placement of common stock, with additional warrants having an exercise value of $5 Million, from a group of institutional and accredited investors.
“The successful completion of the merger and our financing represents a significant step in positioning the Company for future growth,” said Mr. Sass M. Peress, Chairman & CEO. “Substantial investments from premier institutional investors in our private placement have given us access to both capital and strategic introductions that will significantly benefit the Company moving forward. The public listing provides the proper venue for attaining a higher level of corporate visibility and allows investors to better assess ICP Solar’s value in relation to its publicly traded peers.”
ICP Solar designs and manufactures solar cells and solar cell based products and building materials. The company is developing a variety of solar cell based products aimed at the Rooftop, OEM and consumer markets. It is expanding its geographic focus with greater intensity in Europe and Asia-Pacific, and concerted efforts to gain retail market share in North America.
Through partnerships with premier accounts such as West Marine®, Amazon.com(TM), Wal-Mart®, Conrad Electronics(TM) (Germany), LeRoy Merlin (France), Dick Smith Electronics (Australia), Costco®, and with its exclusive Coleman® branding license, ICP Solar’s strategic plan calls for significant market expansion through these retail partners. It is also particularly focused in developing innovative rooftop solutions for the Californian and Spanish solar market, based on its patented thin film designs, as well as OEM automotive solutions for current customers such as Volkswagen and Winnebago.
ICP Solar is headquartered in Montreal, Canada, with offices in the UK, USA, Ireland and France. The company plans to also list on the Frankfurt Stock Exchange.
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