SOURCE: Onyx Service & Solutions Inc.

March 16, 2012 10:08 ET

ONYX Terminates Development of Honduran Solar Project

GREENWOOD VILLAGE, CO--(Marketwire - Mar 16, 2012) - Onyx Service & Solutions, Inc. (OTCBB: ONYX) announced today that the Company has informed its Honduran partners as well as local government officials that it has made the decision to terminate development of its 22-megawatt solar project on the Island of Roatan.

Though the project had garnered significant support from the local government and potential end-users, ONYX has determined that the current political, financial, and regulatory situation in Honduras presents an environment that is, at best, unfriendly to alternative energy projects such as the one under development by ONYX.

"Although we've made the painful decision to walk away from what we feel could have been a game-changing project for the people of Roatan, we are hopeful that the smaller-scale projects we are developing for Roatan will be able to bring at least some of the benefits to the citizens envisioned by our initial diesel generation augmentation project," stated Malcolm G Burleson, Chairman and CEO. "We remain committed to the philosophy of the diesel generation augmentation project and will continue to pursue alternative environments in which a similar project would be feasible."

About Onyx Service & Solutions, Inc. (OTCBB: ONYX)

Onyx Service & Solutions, Inc. focuses on alternative energy solutions including solar construction projects, cutting edge solar technology development, new to market solar product development, worldwide solar product sales and creative financing for alternative energy related projects.

For more information on the Company see:

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Contact Information