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APPOINTMENT OF CHIEF OPERATING OFFICER – EUROPEAN OPERATIONS & COMPLETION OF 30% ACQUISITION OF DACHLAND GmbHJanuary, 25, 2005- Solar Integrated Technologies, Inc. (Solar Integrated) announces the appointment of Frederik W. Mowinckel as Chief Operating Officer of European operations with effect from 1 February 2005. Frederik will be based in London and will have responsibility for developing Solar Integrated’s expansion into Europe, with particular focus on the UK, Germany, France and Spain. Frederik will report to Jon W. Slangerup, CEO. From 1995 to 2004, Frederik was Chairman and principal shareholder of The Rikett International Group, a global manufacturer and supplier of commercial flooring. In addition he was a Director of Hunton Fiber AS, a leading manufacturer of wood fibreboard for the building material market. The Directors of Solar Integrated are also pleased to announce the completion of the acquisition of 30% of the issued share capital of Dachland GmbH (Dachland), announced on 26 November 2004. Commenting on the announcement, Chairman David Potter said: “Frederik will bring a wealth of business and management experience to Solar Integrated. His previous career in the building material industry and his experience of cross border negotiation and project management will be invaluable in helping us develop large scale, industrial and commercial photovoltaic roofing projects across Europe.” Frederik W. Mowinckel added: “Solar Integrated’s solar PV products have significant potential in Europe. Encouraged by well developed incentive programmes, Germany alone represents 25% of the world PV market, mainly grid connected systems. The acquisition of the 30% stake in Dachland gives us a springboard into this market. The rest of Europe has an annual growth rate of over 100%. Promoting a PV-integrated building product gives Solar Integrated a strong competitive edge. I am delighted to be joining the company as it moves further into Europe.” For more information, contact:
Notes to EditorsSolar Integrated Technologies is a leading provider of energy efficient roofing systems using world-class solar technology. The Company designs, manufactures and installs proprietary photovoltaic systems for commercial roofing and mobile power applications, enabling the production of reliable, renewable and affordable electrical power. Customers include Coca Cola Bottling, Frito-Lay, San Diego City Schools and other municipal and blue chip references. Solar Integrated is headquartered in Los Angeles, California and is listed on AIM (SIT.LN). More information is available on the Company’s website: www.SolarIntegrated.co.uk. Background information on DachlandDachland, based in Mainz, Germany, is a privately-owned roofing contractor which specialises in installing single ply, green and photovoltaic roofing systems. Over the last two decades it has installed membranes sourced from Sarnafil, a wholly-owned division of the Swiss-based Sarna Group, which is also a key supplier to Solar Integrated. Dachland has recently installed a number of PV systems for the commercial roofing market in Germany and has built a strong pipeline of business. In the year to 31 December 2003, Dachland, which is profitable, generated revenues of approximately €8.6 million euros (unaudited). This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terms such as "may," "intend," "might," "will," "should," "could," "would," "expect, "believe," "estimate," "anticipate," "predict," "project," "potential,"or the negative of these terms, and similar expressions intended to identify forward-looking statements. Investors should not place undue reliance on the forward-looking statements contained in this news release. Forward-looking statements are based on assumptions and estimates and are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those identified in the forward-looking statements in this news release include: changes in general economic and political conditions, interest rates and currency exchange rates; market factors, including competitive pressures and changes in pricing policies; changes in interpretations of existing legislation or the adoption of new legislation; loss of major customers; the occurrence of litigation or claims; natural and manmade disasters, including acts of terrorism or war; and other factors described in the "Risk Factors" sections of the Company's AIM Admission Document dated 7 May 2004. Each forward-looking statement speaks only as of the date on which it is made, and except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. |
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