VioSolar Lands $172 Million For Solar Project Funding

ATHENS, Greece--(BUSINESS WIRE)--VioSolar Inc. (the ‘Company’) (OTCBB:VIOSF) (FWB:SDE) is pleased to announce that it has signed a Letter of Intent with SCAIAP Capital Partners S.a.r.l. Luxembourg (“SCAIAP”) for a funding of 110 million euros (approximately $172,000,000 USD). VioSolar Inc. and SCAIAP will establish the VioSolar Opportunity Fund (“the Fund”) (Luxembourg) which will manage the funds for solar park purposes. The funding will be an “off-balance-sheet” event and VioSolar will retain a fifty percent interest in the profits generated by the Fund.

“I am very pleased with the result of the negotiations we had with Mr. Peter Herold, founder of SCAIAP, and his team and the subsequent signing of this letter of intent,” stated Rick Walchuk, President and Chief Executive Officer, of VioSolar Inc. “This funding is the culmination of many months of hard work by our team at VioSolar and underscores the strengths of our mandate, business plan and management. It is a privilege to be working with Mr. Herold, SCAIAP and his colleagues,” added Mr. Walchuk.

“We look forward to working with VioSolar Inc. towards the completion of this funding and the joint venture that we are about to embark on.” said Mr. Peter Herold. “Solar parks and solar technology are very much in the forefront of many investors thinking and our association with VioSolar is a fantastic fit for us and our investors. We anticipate a six to eight month time frame in order to have the funds in place, at which time VioSolar Opportunity Fund would be in a great position financially to fulfill its mandate,” also stated Mr. Herold.