Allora Minerals Signs Binding Letter of Intent to Purchase OptiSolar

KELOWNA, BC--(Marketwire - July 21, 2009) - Allora Minerals, Inc. (OTCBB: ALRL) announced today that is has signed a binding letter-of-intent to purchase manufacturing facilities, production lines, intellectual property and an R&D facility of OptiSolar Technologies, Inc. (OptiSolar").

Under the terms of the letter of intent, Allora plans to purchase the OptiSolar assets for a value of $260 million in an all stock transaction, priced at $21.66 per share, resulting in the issuance of 12 million shares of Allora common stock to OptiSolar shareholders.

Included in the purchase are:

-- Hayward, California R&D Facility -- 95,000 square foot R&D production
level facility including 2 single junction 15MW production lines,
proprietary inverter lab and other intellectual property. Allora will take
over the lease on the facility.

-- Sacramento, California Manufacturing Facility -- 1 million square foot
manufacturing facility that is prepared for up to forty, 20MW dual junction
lines (800MW in total) or a similar amount of triple Junction line which
would then be capable of expanding to 1,000MW. The facility also includes
automated panel manufacturing (APA) technology which enables panels to be
assembled in the factory robotically as opposed to manually, in the field,
which reduces the cost to build Solar park and increases the speed at which
parks can be built .


Mike Matvieshen, President and CEO of Allora Minerals, said, "This acquisition is a significant milestone for our business. We now have a manufacturing facility capable of scaling to 1GW in nameplate production capacity. We have increased our manufacturing capacity immediately from 5MW to 30MW. In the near term we plan to convert our single junction lines to dual junction lines, expanding capacity to 55MW."

"OptiSolar had invested about $310 million into the R&D lab, Hayward CA manufacturing Facility and the Sacramento assets which we are purchasing. This is a tremendous value to our business and to our shareholders," added Matvieshen. "The acquisition of OptiSolar's intellectual property and its state-of-the-art production size R&D facility gives us a real advantage because this allows all new developments in production improvement to be immediately implemented in the factory, and its inverter technology will accelerate our path to reducing the cost-per-installed-watt to under $1.35 fully installed. This, in turn, will drive higher profitability to our solar parks when selling electricity."

The product qualification process at the production facility has been completed. It is anticipated that at the start of production, the plant will employ approximately 168 workers.

In February, OptiSolar had submitted a $300 million loan guarantee application to the U.S. Department of Energy for the start of its Sacramento facility. Allora intends to move the loan application along and to open/reopen it, and is currently being advised by its counsel with respect to necessary steps.