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ARISE's German unit gets 2.3-million-euro handout
2007-12-19 21:12 ET - News Release
Mr. Ian MacLellan reports
ARISE TECHNOLOGIES CORPORATION ANNOUNCES RECEIPT OF EURO 2.3 MILLION PAYMENT FROM SAECHSISCHE AUFBAUBANK
ARISE Technologies Corp.'s wholly owned subsidiary, ARISE Technologies Deutschland GmbH (ARISE Germany), has received from the Saechsische AufbauBank (SAB) a further payment of 2.3 million euros. Payments received to date equal 4.3 million euros of the 12.4-million-euro incentive grant previously announced by the company and payable over the term of the company's high-efficiency photovoltaic cell manufacturing plant construction project. ARISE Germany is also eligible to receive refundable federal tax credits in the amount of 12.15 million euros over the term of the project resulting in total German government incentive funding of 24.55 million euros.
The German government incentive funding combined with the previously announced credit facilities with the Commerzbank AG and the previously announced equity investment by ARISE are being used to construct and equip ARISE Germany's 50-million-euro plant in Bischofswerda, Germany.
We seek Safe Harbor.
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