LAS VEGAS, NV - March 15, 2012 (Investorideas.com renewable energy newswire) SALAMON GROUP, INC. (OTCQB:SLMU) announced March 6th that it signed a Memorandum of Understanding (MOU) with the Sunlogics PLC (18L1.F; 18L1.DE) shareholder Millennium, for first right of purchase for an additional 10% of the common equity of Sunlogics PLC, through a lock up agreement dated March, 5, 2012. This additional position will bring Salamon Group Inc.'s holdings to 21 million shares. This position equates to a value for the company of 35 million dollars based on the current avaerage trading range of Sunlogics common on the Frankfurt stock exchange.
Michael Matvieshen, CEO, stated, "We believe positioning Salamon as the largest shareholder in Sunlogics PLC adds both short-term and long-term value to our company. There are competing interests in the ownership Group of Sunlogics PLC and we believe we will be able to acquire complete control over time or sell our position for a substantial profit. Sunlogics Plc Group has entered into major contracts with General Motors (GM- $26.00) and with China National Building Materials subsidiaries. These agreements are estimated to be worth several billion dollars of projects over the next couple of years and as a result ensure a substantial revenue stream for Salamon over the coming years." Mr. Matvieshen continued, "The Sunlogics position is an important step in implementing our business plan and I look forward to following this up with other developments over the coming weeks and months. This is an extremely exciting time in Salamon's development."
About Sunlogics (18L1.F; 18L1.DE)
Sunlogics PLC is a vertically-integrated global solar energy systems provider specializing in solar project development and installation. Sunlogics has a strategic partnership with Sunlogics Power Management Fund Inc (SLMU: US) and with other entities for the purpose of owning and operating solar projects developed by Sunlogics PLC. The scope of the company's current projects and operations reach to the nations of the world including Canada , United States , Europe and China . More information can be found at www.sunlogics.com.
About Salamon Group
Salamon Group, Inc. and its Sunlogics Power Fund Management, Inc. division, is a solar and renewable energy company specializing in the acquisition, construction and management of renewable energy power projects and companies. It is a project-acquiring partner of Sunlogics Plc and its subsidiary as well as other third party project developers. The Company also takes positions in other solar and renewable energy project producing companies that are a strategic fit within the Company's overall strategy.
For further information, Orsay Groupe, Inc. 305-515-8077 and/or visit: http://www.sunlogicspowerfund.com/
Published on Investorideas.com newswire
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