SOURCE: Solar Acquisition Corp.

February 16, 2010 10:02 ET

Solar Acquisition Corp. Announces Letters of Intent to Purchase the Assets of Solar Teyin, S.L. and Hyundai Heavy Industries Iberica, S.A.

ANN ARBOR, MI--(Marketwire - February 16, 2010) - Solar Acquisition Corp. (OTCBB: SLRX) is pleased to announce it has entered into letters of intent to acquire the assets, intellectual property, and business development rights of Solar Teyin, S.L. (Solar Teyin) and Hyundai Heavy Industries Iberica, S.A. (HHII).

Solar Teyin, S.L. located in Barcelona, Spain, is engaged in the sourcing and distribution of solar panels for public, commercial and consumer use. Through its agreements with suppliers and network of consulting, roofing contractors and distributors, Solar Teyin is a leading company in the expanding renewable energy market in Europe.

Hyundai Heavy Industries Iberica, S.A., also located in Barcelona, Spain, is engaged in the development of turnkey renewable energy projects. HHII designs, implements, monitoring and maintains wind and solar installations throughout the world. Currently, HHII is in negotiations to design projects totaling approx. 154MW of power that include wind turbine projects in Chile, Portugal, and Morocco.

The acquisition of the assets of Solar Teyin, and HHII is expected to substantially enhance Solar Acquisition Corp.'s business model and potentially position Solar Acquisition Corp. as a turnkey developer of renewable energy projects and supplies to municipalities, utilities, and private developers. Solar Acquisition Corp. also anticipates holding the distribution rights for popular solar panels, systems and supplies for large scale commercial use, and projects that we will retain the management teams and engineering talent of these companies who have experience gained in markets that are more developed than the current US market for alternative energy.


SOLAR ACQUISITION CORP. is focused on commercializing renewable energy technology. The scope of SLRX's interest include Solar PV, Wind, Fuel Cell, and Geothermal in addition to research and development into innovative renewable energy solutions. Currently SLRX is in the process of developing a portfolio of intellectual assets, patents and companies.


Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes,""soon,""anticipates,""plans," or "expects," and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties including the ability of the company to conclude any negotiations and close the transactions discussed, raise the necessary funds if needed to reach a closing, the ability of Solar Teyin and HHI to develop a meaningful business from any of its activities, form any subsidiaries, sell additional alternative energy products at a profit, or develop any business from those subsidiaries. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion.

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