Management of SolPower is projecting revenue in excess of $15 million (USD) for fiscal 2014
Bridgeport, PA (PRWEB) November 07, 2013
First Power and Light, Inc. (OTCBB: VOLT) announced today that its acquisition target, First Power and Light, LLC (FPL) has signed a Letter of Intent to acquire SolPower Renewables, Inc. a Florida corporation in a stock only transaction. SolPower sells Engineering, Procurement and Construction (EPC) services in Florida, South and Central America as well as the Caribbean.
Management of SolPower is projecting revenue in excess of $15 million (USD) for fiscal 2014, including a solar system designed to provide electricity to 150 homes in a large South American country.
FPL intends for SolPower to operate as a wholly owned subsidiary allowing it to maintain its focus on these geographic areas that are not currently serviced by FPL.
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.