U.S. Firm Seeks Stronger Solar Power Position

Universal Communication Systems has entered into a Letter Of Intent to acquire an initial 51 percent ownership position in GiraSOLAR BV, a Dutch company that operates and specializes in the photovoltaic (PV) solar energy industry.

Miami, Florida – September 19, 2003 [SolarAccess.com] Universal Communication Systems (UCSY) has entered into a Letter Of Intent to acquire an initial 51 percent ownership position in GiraSOLAR BV, a Dutch company that operates and specializes in the photovoltaic (PV) solar energy industry. GiraSOLAR, through its subsidiaries, has been in business for over eight years. The company develops solar technologies and makes and markets PV solar panels and other PV solar energy producing systems and products, with commercial interests in several countries around the world, including operations in Africa. UCSY said GiraSOLAR holds interests in several Dutch companies all operating in the solar energy industry, who together are expected to have combined revenue of approximately US$14.5 million and profits of $850,000 in this current financial year. “Following our recently announced acquisition of Millennium Electric T.O.U., one of Israel’s foremost photovoltaic solar energy companies, we have embarked on a growth plan to strengthen our position in the photovoltaic solar energy industry,” said Universal Communication Systems chairman Michael J. Zwebner. “This proposed new acquisition is another solid move by our company to further increase our interests and market share.” “Our company, with its subsidiaries, and with our major interests in Holland and with global operations, will further help to build and consolidate UCSY’s photovoltaic solar energy division,” said GiraSOLAR BV Director Wieland Keijzer. “We plan to rapidly build the company with our strong international connections and fast growing profitable sales.” “My company has had many successful dealings with GiraSOLAR BV in the past, and for UCSY it is only the first of several profitable solar energy companies that we plan acquire,” said Millennium Electric T.O.U. President Ami Elazari. “It is our intentions to have UCSY emerge as a major global player in the very fast growing photovoltaic solar energy industry.” The closing of this proposed transaction is subject to the execution of a definitive agreement between the parties. More information as well as details of the proposed transaction will be announced soon.

No posts to display