Solar Integrated Announces Stock Sale by Co-Founder : Institutional Investors Purchase 36% of the Company's Outstanding Shares at 6.8% Premium
London, UK, January 31, 2006 - Solar Integrated Technologies, Inc. (AIM: SIT.LN), a leading provider of commercial building integrated photovoltaic (BIPV) roofing systems, announced today that Edward J. Stevenson, a co-founder and director of the Company, has sold all of the 12,466,500 common shares of Solar Integrated held by Mr. Stevenson at £3.00 per share. The £3.00 per share purchase price paid by the group of institutional investors that purchased Mr. Stevenson's position represents a 6.8% premium over the £2.81 closing price of the Company's shares on January 30, 2006. In connection with the sale, Mr. Stevenson has resigned as a director of Solar Integrated.
"Ed's sale of his stock position represents the final stage of his planned departure from an organization that he co-founded in 2002," stated Jon W. Slangerup, Chief Executive Officer of Solar Integrated. "Ed's contributions to the vision and strategic positioning of the Company have been fundamental to our market position and growth prospects. Through the Solar Integrated team, Ed will have an enduring legacy of entrepreneurial vision and success."
"The timing is right for me to pursue other business opportunities that I have been reviewing," commented Edward J. Stevenson. "It is very gratifying for me to leave Solar Integrated with the Company having accomplished so much since its founding."
With Mr. Stevenson's stock sale, Bruce M. Khouri, the other co-founder of Solar Integrated, is now the largest shareholder of Solar Integrated. Mr. Khouri, a director and the Chief Operating Officer of the Company, continues to hold 11,766,500 shares or 34.0% of the Company's outstanding shares.
The placing of the shares sold by Mr. Stevenson to European and US-based institutional investors was led by Mirabaud Securities Limited with support from Jefferies & Company, Inc. |