EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Premier Power Renewable Energy Inc. (OTCBB:PPRW), a leading Solar integrator with operations in US and Europe has completed a reverse merger transaction resulting in Premier Power Renewable Energy, Inc becoming a public entity.
Premier Power is profitable and among the largest and fastest growing solar installers in the nation. Premier Power designs and integrates Photovoltaic or “Solar Energy Systems” for residential, small and large commercial business as well as industrial and agricultural installations. The Company has extensive engineering experience and a track record that has won clients ranging from KB home, Jay Leno, Pacific Gas and Electric (PG&E), Princeton University, Shafer Vineyards, Silverado Wineries, and ATT among others. Premier’s proprietary systems and non-proprietary systems combine with the leading solar modules from GE, Sharp, Schuco and Sun Power (Nasdaq:SPWR) to offer clients the highest efficiencies with application specific solutions. Premier’s systems are designed to efficiently meet the wide variety of needs found in today’s expanding market. Premier Power recently completed one of the first 1.2 MW thin film installation for Sacramento Municipal Utility District (SMUD) using First Solar (Nasdaq:FSLR) product, which is one of the first and largest “Solar Share Programs” in the nation.
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 record sales in the US and Europe.
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.
Dean R. Marks President and CEO of Premier Power said: “Today is an outstanding milestone for the Premier Power family. We are having a record year and anticipate a series of firsts in the US and European markets that demonstrate the value of our team’s 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.”
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. As part of the reverse merger, Premier Power USA acquired the balance of 49% interest in Premier Power Spain and Nevada based Bright Futures Technologies Inc a solar equipment distributor. GT Securities was the placement agent for the transaction and Genesis Capital Advisors the financial advisor. Premier Power was established in 2001 as a division of Premier Homes to create a green building initiative but then spun out of parent corporation in 2003 as its own entity.
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.
Monday, September 15, 2008
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