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Final closing documentation on Eco Energy Solutions Pty Limited

Published on Thursday, 19 April 2012 16:37
Written by Super User
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04/13/12 - Salamon Group, Inc. announced today that Sunlogics Power, its wholly owned subsidiary (www.sunlogicspowerfund.com), has successfully completed final closing documentation on Eco Energy Solutions Pty Limited (ECO) in exchange for 8 million shares of Salamon Group, Inc. (SGI). The transaction was valued at 8 million dollars.
 
Eco Energy is a successful Australian-based renewable energy company with revenues of approximately 13 million USD and an EBITA of $0.960 million for year ending 2011 and ECO is on track to exceed those numbers this year. This transaction is immediately accretive to Salamon Group. ECO shareholders have agreed to take secured debt against ECO and its assets until the Authorized capital in Salamon Group, Inc. has been increase to allow for the conversion into equity.
 
At the end of February 2012 Eco Energy had installed 2,630 domestic systems through its contracts which started in May 2010. The contracts cover all of the state of Tasmania and all of central Victoria.
Michael Matvieshen, CEO, Salamon Group, commented, "Eco brings value to our shareholders in several ways which include the experience it has in the southern hemisphere for renewable energy project development. With its vast array of contacts, it opens up a very large and lucrative market for us. Together we expect to have a real and competitive footprint in these rapidly expanding markets."
 
Additionally, Mr. Gary Yost, the Managing Director of Eco Energy, will assume a seat on the Board of Directors of Sunlogics Power Fund and Salamon Group. Mr. Yost brings industry experience and contacts that have allowed him to create a "one stop shop" methodology to take any project from conception through to design, supply, installation and commissioning. Mr. Yost has overseen the growth of a client base that includes all levels of government, private and public utilities and projects that meet the needs of commercial and individual clients, as well as a number of overseas projects.
 
Mr. Matvieshen, CEO, Salamon Group, further stated, "It's excellent to be working with Gary as he has built a company from the ground up. He understands the business challenges and will be a valuable member of our 'go to market' team worldwide."
 
ECO will in turn benefit from SGIs' business synergies, such as accessing the CTIEC relationship and the financing investment banking relationships that are already in place at SGI.
 
ABOUT ECO ENERGY SOLUTIONS
Eco Energy Solutions specializes in the Design, Supply, Installation, Commissioning and Maintenance of Solar PV, Solar Hot water, Wind Turbine and Micro/Mini Hydro projects. Eco Energy Solutions (Australia) Pty Ltd is a very dynamic Australian business specializing in the Renewable Energy sector. We provide a full Integrated Systems House Solution service to all aspects of the Renewable Energy industry. We are involved in the leading projects in Australia in this sector.  http://www.ecoenergysolutions.com.au/