Date: 26/10/2008

ICP Solar to acquire Ibersolar

ICP Solar Technologies has entered into a binding Letter of Intent ("LOI") to acquire Ibersolar Energia, S.A. Ibersolar Energia is a Spain based European manufacturer and supplier of solar systems with approximate annual sales revenue of 120 million.

Sass Peress, Chairman and CEO of ICP Solar said, "By acquiring Ibersolar, ICP will see a twenty-fold increase in the size of its business and automatically become a recognized player in the burgeoning European market."

Ibersolar Energia product offerings include of PV modules, grid-connected and off-grid inverters, mounting systems, solar trackers and monitoring equipment, high performance solar collectors, solar boilers, controllers, and thermal siphons.
The company has developed a roof system, which integrates flexible amorphous silicon modules with waterproof membrane solutions, providing the guarantee of impermeability in a roof while achieving maximum energy production from the photovoltaic modules.

ICP Solar develops, manufactures solar panels, solar cell based products, solar monitoring software and solar power management solutions.