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ARISE Provides Update on Discussions to Extend Trust Agreement

^{Published on 2011-02-28 13:40:14 - Market Wire}
 

WATERLOO, ON, Feb. 28 /CNW/ - ARISE Technologies Corporation ("ARISE" or the "Company") (TSX: APV) (Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced that discussions are continuing with the parties involved in the extension of its trust agreement with Commerzbank AG ("Commerzbank" or the "Bank"). As detailed in the Company's press release issued on February 1, 2011, ARISE was required to meet certain conditions by February 28, 2011, in order to secure an extension of the Company's loan facilities with the Bank until December 31, 2011. Fulfilling certain of the required conditions has taken longer than originally anticipated. As a result, ARISE management continues to conduct discussions with all parties involved and will provide an update on the progress of these discussions in the near future.

About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is a leader in high-performance, cost-effective solar technology.  The company operates through three divisions.  The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany.  The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%.  The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process.  The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality.  The PV Systems Division has been providing PV solutions for solar farms and rooftop installations since 1996 throughout North America. ARISE is planning to expand its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program. 

The Company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T.  Additional information is available at [ www.arisetech.com ] and [ www.sedar.com ]. 

Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking.  Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings.  Please refer to these.  Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements. 

Risk factors relating to ARISE are discussed in the Risk Factors section of ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are available at [ www.sedar.com ].  These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.