ICP Solar Technologies to Purchase Californian Solar Distributor

January 18, 2007 by Jeff Shepard

ICP Solar Technologies Inc. announced that it has executed a binding letter of intent pursuant to which ICP Solar has indicated its intention to purchase all the issued and outstanding shares of solar pioneer Discover Power Inc., located in San Diego, California.

"Discover Power’s team features over 18 years of experience in selling complete solar solutions for off-grid and grid-tie systems. Their location in Southern California is ideal given the Million Solar Roofs initiative being put into place by California Governor Arnold Schwarzenegger. Having installed the first ever solar roof shingle system in southern California and with a nationwide installer network, the Discover Power brand and organization will be a great addition in line with our growth plans," said ICP Solar CEO and Chairman Sass Peress. "This revenue-generating acquisition compliments our strategy for rooftop solutions and creates immediate opportunities for ICP Solar's retailer sales network to add significant off-grid and grid-tie solution offerings."

"Sass Peress’ considerable experience will be a great asset in helping to expand Discover Power in our Californian and nationwide markets," said Damian Gutierrez, President of Discover Power. "His perspective on the industry cuts through the hype and turmoil in the market, and he provides expertise and resources that will help Discover Power execute its growth plans across several channels."

Completion of the transaction is subject to a complete and satisfactory due diligence of Discover Power, the finalization of a definitive Purchase Agreement and the signing of non-competition and employment agreements with Damien Gutierrez, President and Crystal Phelps, Chief Marketing Officer of Discover Power.