Etrion Corporation

Etrion Corporation

November 12, 2010 03:00 ET

Etrion Begins Trading on NASDAQ OMX Stockholm

GENEVA, SWITZERLAND--(Marketwire - Nov. 12, 2010) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX), an independent solar power producer listed on the Toronto Stock Exchange, today started trading with a secondary listing on the main market of the NASDAQ OMX Stockholm exchange in Sweden under the ticker symbol, "ETX".

Concurrent with the secondary listing, Lundin Petroleum AB ("Lundin Petroleum") (OMX: LUPE), Etrion's former major shareholder, distributed its 40 percent ownership in Etrion to Lundin Petroleum shareholders. As a result of the distribution, the Lundin family trusts increased their direct ownership in Etrion from approximately 12 percent to 25 percent and are now Etrion's largest shareholder.

Etrion is an independent solar power producer. The Company currently owns and operates several solar power plants in Italy and has plans to expand into other European markets in 2011. The Company was founded in October 2008 and has since delivered rapid growth through a combination of its own solar development and through acquisitions of operating solar power plants. Today, Etrion owns 40 MW of operational, ground-based solar PV power plants, has 8 MW of solar parks under construction and more than 200 MW of solar development pipeline in Italy. Etrion's near-term focus is on countries with strong solar irradiation and government incentives for solar power production. Future growth is expected to be driven by the development and/or acquisition of additional solar power facilities with the ultimate goal of producing low-cost, clean electricity at attractive returns.

Marco Northland, CEO of Etrion, commented, "I am very pleased with the significant growth Etrion has achieved in the past 18 months. We are today one of the largest solar power producers in Italy and one of the few publicly traded renewable energy companies solely focused on solar power generation. With the secondary listing in Stockholm, we can offer European investors access to the downstream solar sector – a growth industry with attractive returns and strong policy support."

Mr. Northland continued, "Through Lundin Petroleum's distribution of its Etrion shares, we have a broad shareholder base in Sweden from day one, as well as continued strong backing from the Lundin family."

Etrion currently has approximately 179.8 million common shares outstanding, and no new Etrion shares were issued for the secondary listing on NASDAQ OMX Stockholm. Lundin Petroleum distributed its ownership of approximately 71 million Etrion shares to over 40,000 Lundin Petroleum shareholders, including the Lundin family trusts.

About Etrion

Etrion Corporation develops, builds, owns and operates solar power plants in Italy. Etrion currently owns 40 megawatts (MW) of operational, ground-based solar photovoltaic (PV) power plants, has 8 MW of solar parks under construction and has more than 200 MW of solar development pipeline in Italy. Etrion is listed on the Toronto Stock Exchange and the NASDAQ OMX Stockholm exchange (under the same ticker symbol, "ETX").

Important Notices

The securities to which this announcement relates have not been and are not required to be registered under the US Securities Act. These securities have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of these securities or the accuracy or adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.

All investment is subject to risk. The value of the Etrion shares may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.

This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company's future growth) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the possibility of cost overruns or unanticipated costs and expenses or delays in construction of projects under development or new solar projects acquired by the Company, the lack of availability of suitable new solar projects and the failure to obtain necessary regulatory and other approvals.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Contact Information

  • Etrion Corporation
    Garrett Soden
    Chief Financial Officer
    +41 (22) 715 20 90