Etrion Corporation
TSX : ETX

Etrion Corporation

September 13, 2010 07:00 ET

Etrion Receives Final Approval for New TSX Listing Category

GENEVA, SWITZERLAND--(Marketwire - Sept. 13, 2010) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX), an independent solar power producer, is pleased to announce that the Company has received final approval from the Toronto Stock Exchange ("TSX") for its listing as an industrial company.

Marco Northland, Etrion's CEO, commented, "Now that Etrion has received final approval for our new TSX listing category, we intend to proceed with a fast-track secondary listing on the NASDAQ OMX Stockholm exchange. The Swedish market has shown a strong interest in renewable energy investments, and we believe it is in the best interest of our shareholders to be listed in both Toronto and Stockholm."

As previously announced, the TSX initiated a review of Etrion's listing status on February 23, 2010, as a result of the Company's change of business focus to renewable energy. The TSX review arose in connection with the Company's proposed application for a secondary listing on the NASDAQ OMX exchange in Sweden.

The TSX conditionally approved the listing of the Company's common shares in the industrial category on May 21, 2010. The Company's continued listing was subject to certain conditions, including the completion of an equity financing resulting in net proceeds to the Company of at least US$15 million. The Company completed the required financing on August 23, 2010, and has since satisfied the remaining continued listing conditions.

Etrion plans to dual list the Company on the NASDAQ OMX Stockholm exchange by early 2011 in order to access European investors interested in the downstream solar power generation sector.

About the Company

Etrion Corporation builds, owns and operates electrical power plants based on renewable sources of energy, including solar photovoltaic. The Company is listed on the Toronto Stock Exchange (ticker symbol "ETX") and is based in Geneva, Switzerland with an office in Rome, Italy. Etrion is owned 40% by Lundin Petroleum, a Swedish independent oil and gas company traded on the NASDAQ OMX Stockholm exchange (ticker symbol "LUPE"), and approximately 12% by the Lundin family through various trusts.

For additional information, please visit the Company's website at www.etrion.ch.

Forward-Looking Information:

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 proposed listing on the NASDAQ OMX exchange) 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. In particular, there is no assurance that the Company will be able to obtain a listing on the NASDAQ OMX exchange.

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
    +41 (22) 715 20 99 (FAX)
    www.etrion.ch