Solar in Ontario Just Got Brighter
September 26 2011 - 8:00AM
PR Newswire (Canada)
TORONTO, Sept. 26, 2011 /CNW/ - Forterra Environmental Corp is
pleased to announce today that its RTO merger target
corporation - OSM Solar Corp. has successfully negotiated an
agreement to combine assets with Solarform Canada Ltd. This
strategic partnership is intended to increase its presence in the
growing North American solar market and enhance its photovoltaic
(PV) manufacturing facility in Southern Ontario. Under this
agreement Solarform Canada will receive up to 50 percent ownership
of OSM Solar in exchange for assets and a significant revenue
stream. OSM Solar will change its name to OSM Solarform Corp. and
will manufacture both the Symphony Energy and Juli New Energy PV
solar panel systems for North America. "This is an exciting time
for OSM and the solar industry in Ontario and we are pleased to
have Solarform Canada as our business partners," says John Gamble,
President & CEO, OSM Solar. "This move places OSM and Solarform
in the forefront of the growing North American solar industry with
a world class manufacturing plant and capacity of over 75MW. The
arrangement helps to augment the sales efforts of OSM ensuring
maximum market penetration and addressing the critical stage of
development in the selling cycle and growth profile of OSM". OSM
Solarform will now be offering poly and mono crystalline solar
modules from 180W to 310W in three size formats - all produced in
its 75MW facility in Welland, Ontario. The company is also
introducing the custom manufacturing of BIPV "Building Integrated
PV" which can be used in lieu of typical windowpanes for the
production of solar energy. As the solar market continues to
mature, demand for multiple size panels and increasing efficiencies
has become the norm. "The combination of the Symphony and the Juli
module systems coupled with the excellent manufacturing and human
resources from both companies provides the industry with a wide
array of quality, bankable, certified modules direct from a North
American manufacturer," says Bill Melnik, President, Solarform
Canada. This bold move in the Ontario solar market demonstrates the
OSM Solarform commitment to the solar industry. It places the
company in the middle of Ontario's active feed-in-tariff (FIT)
program and bodes well for them as a major player in the North
American market. The combined Management team continues its
aggressive marketing in both the United States and the Caribbean as
market expansion allows the organization to reduce reliance on the
FIT program and establish long-term market stability. Forterra's
Board of Directors continues to prepare for the contemplated RTO
and expects to call for a shareholder meeting in the near term. The
Information Circular, required to approve the RTO, will provide
updated disclosure on all matters related to the business and
activities of Forterra as well as the future of the organization.
About Forterra Environmental Corp. Forterra manufactures, markets,
and sells environmentally friendly organic soil amendment products
based on worm castings, which boost fertility while restoring the
soil with organic matter for sustainable, longer-term benefits,
including stronger root growth, and drought and pest
resistance. Forterra products contain only organic
material. Further information is available on the company's
website at www.forterra.com. This press release contains
forward-looking statements which reflect the Company's current
expectations regarding future events. The forward-looking
statements involve risks and uncertainties. Actual results could
differ significantly from those projected herein. Neither the
TSX Venture Exchange Inc. nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Forterra Environmental Corp. CONTACT: Chairman &
Chief Executive Officer Don Green Forterra Environmental Corp.
Phone: 905-634-8647 Email dmgreen@allstream.net Investor and Media
Relations Andrea Porcelli OSM Solar Corp. Phone: 289-488-1699 Ext
306 Email: aporcelli@osmsolar.com
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