SOURCE: Salamon Group Inc.

March 06, 2012 10:32 ET

Salamon Group Inc. (SLMU) Signs MOU With Sunlogics PLC

LAS VEGAS, NV--(Marketwire - Mar 6, 2012) - Salamon Group Inc. (OTCBB: SLMU) ("Salamon" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding (MOU) with the Sunlogics PLC shareholder Millennium, for first right of purchase for an additional 10% of the common equity of Sunlogics PLC, through a lock up agreement dated March, 5, 2012. This additional position will bring Salamon Group Inc.'s holdings to 21 million shares. This position equates to a value for the company of 35 million dollars based on the current avaerage trading range of Sunlogics common on the Frankfurt stock exchange.

Michael Matvieshen, CEO, stated, "We believe positioning Salamon as the largest shareholder in Sunlogics PLC adds both short-term and long-term value to our company. There are competing interests in the ownership Group of Sunlogics PLC and we believe we will be able to acquire complete control over time or sell our position for a substantial profit. Sunlogics Plc Group has entered into major contracts with General Motors (GM- $26.00) and with China National Building Materials subsidiaries. These agreements are estimated to be worth several billion dollars of projects over the next couple of years and as a result ensure a substantial revenue stream for Salamon over the coming years." Mr. Matvieshen continued, "The Sunlogics position is an important step in implementing our business plan and I look forward to following this up with other developments over the coming weeks and months. This is an extremely exciting time in Salamon's development."

About Sunlogics

Sunlogics PLC is a vertically-integrated global solar energy systems provider specializing in solar project development and installation. Sunlogics has a strategic partnership with Sunlogics Power Management Fund Inc (SLMU: US) and with other entities for the purpose of owning and operating solar projects developed by Sunlogics PLC. The scope of the company's current projects and operations reach to the nations of the world including Canada, United States, Europe and China. More information can be found at www.sunlogics.com.

About Salamon Group

Salamon Group Inc., through its Sunlogics Power Fund Management Inc. division, is a solar energy project company specializing in renewable energy power projects. It is a project-acquiring partner of Sunlogics Plc and its Subsidiary as well as other third party project developers.

SLMU cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.

Contact Information

  • Contact:
    Michael Matvieshen
    248-852-1300