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Wednesday, June 15, 2011

Cleantech Stock News Alert; Premier Power (OTCBB: PPRW) Reports $2.35 Million Strategic Investment from Genalta Power, a Canadian-based, Clean Power Generation Company

EL DORADO HILLS, Calif. - June 15, 2011 (Investorideas.com renewable energy/green newswire) � Investorideas.com cleantech stock news alert; Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader in the development, design, engineering, and construction of solar power systems for commercial, government, and utility markets globally, announced today that Genalta Power Inc, a Canadian-based, clean power generation company leading the way in waste energy to power applications, has made a $2.35 million strategic investment in Premier Power in exchange for 2,350,000 shares of preferred stock, priced at $1.00 per share, which are convertible to common shares at a conversion price of $1.00 per share.
"This strategic investment demonstrates Premier Power's ongoing success at creating a global renewable energy platform," said Premier Power's Chairman and CEO, Dean Marks. "We've worked hard to bring solar to the global marketplace and this investment will further allow Premier to manage and attract profitable projects worldwide. Together with Genalta, Premier Power looks forward to exploiting the multiple strategic opportunities afforded by our partnership, including the development and construction of solar power plants in the Ontario market, which offers one of the most attractive solar feed-in tariffs in the world."
"We see our strategic investment in Premier Power as a means of extending our reach into the US and European markets, wherein Premier Power has been long established as a leader in the development and realization of renewable energy projects," said Genalta Power's CEO, Graham Illingworth. "Furthermore, we view Premier Power's expertise in the solar sector as highly complementary to Genalta's expertise in waste energy to power applications, as together, we can offer our collective customers a broader range of renewable energy solutions, which optimize their return on investment."
In addition, the company issued a warrant to purchase 2,000,000 shares of common stock at an exercise price of $1.00 per share; the warrant will expire on the earlier of 5 years or upon the consummation of a change in control, as defined in the agreement. Subject to closing conditions, the transaction is expected to close on or before June 24, 2011.
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global provider of large and medium-scale solar power systems, delivering unmatched experience to commercial, governmental and utility customers globally. Premier Power designs, engineers and integrates the solar industry's leading products. Premier Power's technologies and services have enabled its customers to maximize clean energy output along with project savings. Today, Premier Power designs and deploys the most innovative solar electric systems through market-leading innovation and exceptional customer service. Premier Power is headquartered in El Dorado Hills, CA and has common stock quoted on the OTC Bulletin Board under the symbol PPRW.OB. Additional information is available at the Company's website at www.premierpower.com.
About Genalta Power Inc.
Genalta Power Inc. is a privately held Canadian corporation in the business of developing proprietary technologies that will enhance the operating output and performance parameters of the projects that it percolates in by way of owning and operating independent power plants that produce and sell environmentally-friendly electricity from waste energy sources. Genalta capitalizes on opportunities in the independent power market by actively developing dependable, cost-effective and environmentally responsible power generation facilities. Genalta pursues a mix of waste heat recovery, waste fuel gas, and waste pressure projects. Genalta is developing projects in strategic regions of North America with an emphasis on the oil and gas industry. Visit www.genaltapower.com for more information.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from current expectations.
There can be no assurance that demand for the company's products will continue at current or greater levels, or that the company will continue to grow revenues, or be profitable.
There are also risks that the company's pursuit of providing solar solutions globally might not be successful, or that if successful, it will not materially enhance the company's financial performance; that the company could fail to retain key employees; that changes in customer requirements and other general economic and political uncertainties could impact the company's relationship with its customers; and that delays in projects, competitive pressures or technical difficulties could impact timely delivery of revenues and projects; and other risks and uncertainties that are described from time to time in Premier Power's periodic reports and registration statements filed with the Securities and Exchange Commission.
The company specifically disclaims any responsibility for updating these forward-looking statements.
Contact:
Premier Power Renewable Energy, Inc.
Rita Edwards, 916-939-0400
ir@premierpower.com
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