ARISE Technologies Corporation has completed the first tranche of its previously announced IPO financing and also completed a planned amalgamation with Intercedent Ventures Ltd. (IVL) following receipt of approvals by the shareholders of both companies. It is anticipated that final documentation can be submitted to the TSX Venture Exchange and, following approval by the TSX Venture Exchange, trading in ARISE shares will commence.Kitchener, Ontario – July 9, 2003 [SolarAccess.com] ARISE (Appropriate Renewable Intelligent Sustainable Energy) is an energy technology company dedicated to accelerating the use of solar energy in mainstream markets. Ian MacLellan, President and CEO of ARISE, said that this amalgamation with IVL will provide positive benefits to the shareholders of both companies, and it is particularly gratifying that all of the members of the IVL Board of Directors have agreed to join the ARISE Advisory Council. “Solar energy presents a significant business opportunity that also has important benefits for the environment. We believe that ARISE is well placed to be a key player in this growth industry,” said Paul Cooper, President of IVL. Pursuant to IVL’s March 31, 2003 interim financial statements, IVL has total net assets of $517,318, including $175,000 currently payable by ARISE to IVL which will be eliminated on completion of the amalgamation. The net assets amount will also be reduced by the amalgamation expenses incurred by IVL, which are estimated to be $25,000 (All currency figures in Canadian dollars). The initial closing of the ARISE IPO raised $907,329 less $90,733 for commissions and consisted of units priced at $0.75. Each unit consists of one common share and one-half share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $1.00 for a period of 24 months from closing. ARISE issued 1,209,772 units on the first IPO tranche plus 923,076 units issued to IVL shareholders pursuant to the amalgamation. The combined transactions added approximately $1.4 million to the shareholders’ equity of ARISE. A second closing is anticipated on Wednesday July 9th. The Agent for the IPO is Northern Securities Ltd. which is entitled to a 10 percent cash commission plus 10 percent in broker’s warrants. Under the terms of the transaction, IVL shareholders will exchange 4.875 shares of IVL for one share of ARISE and one-half share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $1.00 per share for a period of two years which is consistent with the warrants issued pursuant to the ARISE IPO.