16th May 2005 08:50
Solar Integrated Technologies Inc16 May 2005 SOLAR INTEGRATED TECHNOLOGIES RECEIVES $9.5 MILLION FROM GE COMMERCIAL FINANCE ENERGY FINANCIAL SERVICES FOR INITIAL FUNDING FOR SOLAR SCHOOL PROJECT May 16, 2005 - Los Angeles - Solar Integrated Technologies, Inc. (London AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofingsystems, announced today that GE Commercial Finance Energy Financial Serviceshas funded the first phase of an initial investment in Solar Integrated's SanDiego City Schools (SDCS) project. The first phase of funding was approximately$9.5 million, resulting from the completion of ten SDCS solar roofing projectstotaling more than one megawatt of solar power capacity. Four remaining SDCScampuses are expected to be completed and funded in June 2005. "Following the recent announcement about our groundbreaking relationship with GECommercial Finance Energy Financial Services, it is gratifying to quickly beginrealizing the benefits of this powerful strategic alignment between ourcompanies," commented Jon Slangerup, CEO of Solar Integrated. "The ability ofour team to rapidly execute projects and deliver promised results to ourpartners and shareholders bodes well for Solar Integrated's performance goingforward." The innovative collaboration between Solar Integrated Technologies and GECommercial Finance Energy Financial Services provides roofs that generate solarelectricity for the San Diego schools. Following an initial investment ofapproximately $17 million for the SDCS projects, GE Commercial Finance EnergyFinancial Services has the right of first refusal on up to $500 million to fundexisting and prospective solar roofing projects as they come from SolarIntegrated. About Solar Integrated Technologies Solar Integrated Technologies is a global leader in the manufacture anddevelopment of BIPV systems for commercial roofing and mobile power applicationsenabling the production of reliable, renewable and economic electrical power.Customers include Coca-Cola Enterprises, Frito-Lay, San Diego City Schools andother municipal and blue chip companies. For more information, visitwww.solarintegrated.com. About GE Commercial Finance Energy Financial Services GE Commercial Finance Energy Financial Services, based in Stamford, Connecticut,invests about $3 billion annually in the world's most capital-intensiveindustry, energy. With more than $11 billion in assets, GE Commercial FinanceEnergy Financial Services offers structured equity, leveraged leasing,partnerships, project finance and broad-based commercial finance to the globalenergy industry from wellhead to wall socket. For more information, visitwww.geenergyfinancialservices.com. About GE Commercial Finance GE Commercial Finance, the parent company of GE Commercial Finance EnergyFinancial Services, offers businesses around the globe an array of financialproducts and services, has assets of over $230 billion and is headquartered inStamford, Connecticut, USA. About GE GE (NYSE: GE) is Imagination at Work -- a diversified technology, media andfinancial services company focused on solving some of the world's toughestproblems. With products and services ranging from aircraft engines, powergeneration, water processing and security technology to medical imaging,business and consumer financing, media content and advanced materials, GE servescustomers in more than 100 countries and employs more than 300,000 peopleworldwide. For more information, visit www.ge.com. Forward-Looking Statements This press release contains statements (such as projections regarding futureperformance) that are forward-looking statements as defined in the SecuritiesLitigation Reform Act of 1995. Actual results may differ materially from thoseprojected as a result of certain risks and uncertainties. Contacts: Solar Integrated TechnologiesJon Slangerup Los Angeles +1 323 231 0411 Gavin Anderson & CompanyDeborah Walter or Ken Cronin London (0)20 7554 1400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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