Houston, United States [RenewableEnergyWorld.com] Acro Energy Technologies Corp. has signed a Stock Purchase Agreement with Energy Efficiency Solar Inc., a California EE Solar. EE Solar is a full-service solar energy company that has been installing residential and commercial solar systems in Los Angeles, Orange, and San Bernardino Counties since 1989.
Under the Purchase Agreement, Acro Energy will acquire all of the issued and outstanding shares of EE Solar for a purchase price of $1,500,000, consisting of $250,000 cash, a promissory note in the amount of $750,000, and $500,000 of common stock issued from the treasury of the Company at a deemed price of $0.24 per share.
EE Solar generated approximately $4.2 million in revenue in 2008, servicing customers from its offices in Pomona and Orange. William Korthof is the president of EE Solar and will join the Acro Energy team.
“We are excited to sign EE Solar as our third acquisition in the past eight months. Bill Korthof and his team in Pomona have done an exceptional job in building EE Solar,” said Harry Fleming, chief executive officer at Acro Energy. “Their team will be pivotal in Acro Energy`s plans to expand into the southern California market.”