Investors of Solar Alliance Energy Inc. (TSX-Venture:SAN) (OTC:SAENF) are cheering the company’s latest announcement that they have signed a Letter of Intent with Thompson Machinery Commerce Corporation to acquire Aries Solar, LLC, an established Tennessee commercial solar company that is licensed to operate in four Southeast U.S. states.
Pursuant to the LOI, Solar Alliance will acquire all of the assets of Aries, including a pipeline of commercial projects with a potential revenue of around $18,000,000 U.S.
Under the terms of the LOI, the purchase price for 100% of Aries Solar, LLC is a contingent payment of $1,000,000 U.S. Solar Alliance will allocate 20% of net income from the current Aries project pipeline to Thompson Machinery until such time as the contingent payment is fulfilled.
Shares of SAN are rallying 22.22% to $0.11 in early afternoon trading as they recover from a significant pullback over the last few months that have erased most of their recent gains from April.
Related Stories
