Bridgeport, PA (PRWEB) October 25, 2013
First Power and Light, Inc. (OTCBB: VOLT) announced today that its acquisition target, First Power and Light, LLC (FPL) has signed an Engineering, Procurement and Contraction (EPC) contract valued at $7.5 million to install a 2 - mega watt solar array on an existing landfill that will supply electricity to the community of Gilbertsville, Pa.
This system to be installed will use approximately 8 thousand panels 250 kw panels. The project’s developers will use approximately 15 acres of land and have selected FPL to be the EPC contractor. FPL is projected to break ground on this project by the first of the year.
This is the first project for the particular solar funder, who will be financing this system. In addition to this project in Pennsylvania, they have several projects slated for New Jersey, including a 2 - mega watt solar system along a major highway and a solar array for a new condo development located along the shore in south Jersey. These projects will deliver approximately 5 mega watts and the EPC contracts are valued at over $15 million dollars.
FPL is in the wholesale, liquidation and solar panel procurement business with one of its divisions a prominent EPC firm building residential and commercial solar arrays. This EPC division has completed many high profile projects including several federal government buildings, including the Mary E. Switzer building in Washington, D.C.
Currently, there is a boom in solar building projects for all segments in the industry. First Power and Light is located in the mid-Atlantic region, where statistically in 2013, New Jersey, New York and Pennsylvania is producing more solar jobs than are Arizona, California and New Mexico, collectively.
VOLT is in the process of completing its acquisition of FPL. Management will finalize this acquisition upon completion of FPL’s audit. The audit of FPL is currently ongoing and upon completion, the Company’s acquisition of FPL will be finalized as expeditiously as possible. Since the acquisition has not yet been completed all financial information currently reported in the Company’s filings with the SEC do not reflect the business activities of FPL.
For questions, please contact Malcolm Adler, President & CEO at (610) 292-0909.
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to First Power and Light, Inc., or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's periodic reports and other filings made with the U.S. Securities and Exchange Commission, including its Annual Report for the year ending September 30, 2012 filed on Form 10K. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or for any other reason.