Lonestar Capital Corp.

Lonestar Capital Corp.

May 06, 2009 08:34 ET

Lonestar Capital Completes Light Energy Systems Acquisition

HOUSTON, TEXAS and VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2009) - Lonestar Capital Corp. dba Acro Energy Technologies (TSX VENTURE:LON) (the "Company") is pleased to announce that on May 5, 2009, its wholly owned subsidiary, Acro Energy Technologies, Inc, a California corporation, signed an Asset Purchase Agreement (the "Purchase Agreement") with Solar Self Help, Inc. d/b/a Light Energy Systems, a California corporation headquartered in Concord, California ("Light Energy") and Duane and Karen Peterson Campbell, the sole shareholders of Light Energy.

Since 1980, Duane Campbell has specialized in the design and installation of photovoltaic solar energy, solar water heating, and solar pool heating systems. The Light Energy transaction will enable Acro Energy to extend its photovoltaic business into the Bay Area and expand its business by offering solar water heating and solar pool heating to the California Central Valley.

Harry Fleming, CEO of Lonestar, commented, "The Light Energy deal is the next step in Acro Energy's consolidation plan following February's successful acquisition of Acro Electric, Inc in Oakdale and the March opening of our office in Pleasanton, California . We believe that Duane Campbell and his team in Concord and Steve Vella and the Acro team in Oakdale and Pleasanton will complement each other. This deal is a perfect fit with the southern California acquisition targets with which we are currently negotiating," added Fleming.

Under the Agreement, Lonestar acquired substantially all of the assets and assumed a number of existing contracts for the installation of photovoltaic solar energy, solar water heating, and solar pool heating systems. The purchase price paid to Light Energy consists of US$192,250 cash and 507,833 common shares issued from the treasury of Lonestar at a deemed price of CDN$0.33 per share (the "Payment Shares"). The Company also agreed to assume a maximum of US$100,000 in existing liabilities of Solar Self Help, Inc. The Company also entered into employment agreements with Duane Campbell and Karen Petersen Campbell, as General Manager, Concord Operations and Office Manager, Concord Operations, respectively.

Closing of the acquisition is subject to any necessary approval of the transaction by the appropriate authorities at the TSX Venture Exchange.

About Lonestar Capital Corp./Acro Energy Technologies

Lonestar, through Acro Energy Technologies, is focused on the consolidation and growth of renewable energy companies, primarily in the United States solar market. Lonestar/Acro Energy Technologies through its acquisition of Acro Electric, Inc., a leading California residential solar integrator, has initiated its acquisition campaign in the solar integrator market. Lonestar/Acro Energy Technologies continues to evaluate suitable acquisition candidates across North America. Following the May 11, 2009 Annual General Meeting, Lonestar will be changing its name to ACRO ENERGY TECHNOLOGIES CORP. and will trade on the TSX Venture Exchange under the symbol ART.

On Behalf of the Board of Directors,

Douglas A. Samuelson, Executive Vice President

This news release may contain "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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