Barnabus Energy Finalizes Solar Roofing Acquisition

[] Barnabus Energy signed a formal agreement with Solar Roofing Systems (SRS) of Toronto, Canada to acquire 20 percent of the outstanding shares of SRS, with an option to purchase an additional 31 percent, exercisable at Barnabus’ discretion prior to Q1 2007. The first tranche of funds has been forwarded to SRS so that the company can increase its manufacturing capacity as it expects to ship its first product to booked customers in January 2006. The deal includes additional oversight appointments of both companies’ senior executives to sit as directors on each other’s board, and is further subject to the successful completion of final due diligence of Solar Roofing Systems, which should be completed in the next several weeks.
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