McGuinty Green Energy : Hiding the Money — FORTERRA Environmental Corp. merges with OSM Solar who are now merging with SOLARFORM Corp.
September 26, 2011 8:00 AM
Solar in Ontario Just Got Brighter
TORONTO, Sept. 26, 2011 /CNW/ – Forterra Environmental Corp (TSXV:FTE) is pleased to announce today that its RTO merger target corporation – OSM Solar Corp. has successfully negotiated an agreement to combine assets with Solarform Canada Ltd. This strategic partnership is intended to increase its presence in the growing North American solar market and enhance its photovoltaic (PV) manufacturing facility in Southern Ontario.
Under this agreement Solarform Canada will receive up to 50 percent ownership of OSM Solar in exchange for assets and a significant revenue stream. OSM Solar will change its name to OSM Solarform Corp. and will manufacture both the Symphony Energy and Juli New Energy PV solar panel systems for North America. "This is an exciting time for OSM and the solar industry in Ontario and we are pleased to have Solarform Canada as our business partners," says John Gamble, President & CEO, OSM Solar. "This move places OSM and Solarform in the forefront of the growing North American solar industry with a world class manufacturing plant and capacity of over 75MW. The arrangement helps to augment the sales efforts of OSM ensuring maximum market penetration and addressing the critical stage of development in the selling cycle and growth profile of OSM".
OSM Solarform will now be offering poly and mono crystalline solar modules from 180W to 310W in three size formats – all produced in its 75MW facility in Welland, Ontario. The company is also introducing the custom manufacturing of BIPV "Building Integrated PV" which can be used in lieu of typical windowpanes for the production of solar energy. As the solar market continues to mature, demand for multiple size panels and increasing efficiencies has become the norm. "The combination of the Symphony and the Juli module systems coupled with the excellent manufacturing and human resources from both companies provides the industry with a wide array of quality, bankable, certified modules direct from a North American manufacturer," says Bill Melnik, President, Solarform Canada.
This bold move in the Ontario solar market demonstrates the OSM Solarform commitment to the solar industry. It places the company in the middle of Ontario's active feed-in-tariff (FIT) program and bodes well for them as a major player in the North American market.
The combined Management team continues its aggressive marketing in both the United States and the Caribbean as market expansion allows the organization to reduce reliance on the FIT program and establish long-term market stability.
Forterra's Board of Directors continues to prepare for the contemplated RTO and expects to call for a shareholder meeting in the near term. The Information Circular, required to approve the RTO, will provide updated disclosure on all matters related to the business and activities of Forterra as well as the future of the organization.
About Forterra Environmental Corp.
Forterra manufactures, markets, and sells environmentally friendly organic soil amendment products based on worm castings, which boost fertility while restoring the soil with organic matter for sustainable, longer-term benefits, including stronger root growth, and drought and pest resistance. Forterra products contain only organic material. Further information is available on the company's website at www.forterra.com.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:Chairman & Chief Executive Officer
Forterra Environmental Corp.
Investor and Media Relations
OSM Solar Corp.
Phone: 289-488-1699 Ext 306