Sunrise Solar Announces Sale of BioDiesel Operation
Sunrise Solar Corp. (OTCBB:SSLR) is pleased to announce that it has sold the BioDiesel operations of SMS Envirofuels, Inc., a wholly-owned subsidiary of the Company. The Company anticipates that it will record a gain on the sale of assets of approximately $580,000 related to the sale.
Additionally, as part of the sale, the purchasers will forgive all outstanding promissory notes, advances, accrued interest, and other payables owed to them by the Company. As of June 30, 2008 the total outstanding promissory notes, advances, accrued interest, and other payables owed to the purchasers was approximately $6.5 million.
“The disposition of SMS Envirofuels and the associated elimination of a substantial portion of our outstanding debt were the few remaining items that needed to be accomplished to finalize our transition into the solar marketplace,” said Mr. Eddie Austin, Chairman and CEO of Sunrise Solar Corp. “Now that the sale has been finalized we are able to fully commit our resources to our new solar business model.”
About Sunrise Solar Corporation
Sunrise Solar Corporation intends to commercialize and distribute cutting edge alternative solar energy technologies and equipment. Sunrise also intends to capitalize on its institutional knowledge of emerging alternative energy technologies to develop comprehensive alternative energy plans. Sunrise Solar common stock is traded under the symbol SSLR. For more information please visit http://www.sunrisesolarcorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,”"expects,”"anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.