SOURCE: Solar Acquisition Corp.

February 07, 2011 10:25 ET

Solar Acquisition Corp. Signs MOU With Global Natural Energy to Form Bio-Fuel Subsidiary

GNE-USA Will Have Exclusive US Rights to Breakthrough Bio-Diesel Technology

ANN ARBOR, MI--(Marketwire - February 7, 2011) - Solar Acquisition Corp. (OTCBB: SLRX) and Global Natural Energy (GNE) Cyprus Ltd today announced that they have signed a Memorandum of Understanding (MOU) to form a joint venture, GNE USA, to produce algae-based bio-diesel oil. Management expects the full commercial and technology agreements will be closed within sixty days.

"GNE-USA will come out of the gate with a strong competitive advantage in its exclusive right to the GNE patented technology," said Bruce Levy, SLRX director. "We expect GNE-USA to have high volumes and low costs driven by this technology."

GNE-USA will use GNE's patented algae growing systems to produce bio-diesel oil. "After 10 years of research, GNE has achieved the first commercially viable algae systems for bio-fuel," said GNE CEO Chaim Lieberman.

The GNE systems both reduce the cost of growing the algae and significantly reduce the costs of extracting the oil used for diesel fuel production. Currently U.S. diesel consumption is estimated at 18.9 billion barrels a day.

"Both the GNE system for growing algae and the process for extracting the bio-fuel are much more advanced than competing solutions," continues Chaim Lieberman. "We have developed and patented a significant improvement in the process of breaking down the molecules need for cost-effective and efficient fuel use."

The companies also said that the new subsidiary will have the advantage of their existing management teams' engineering talent and years of experience in the algae farm and alternative energy markets.

ABOUT GLOBAL NATURAL ENERGY CYPRUS LTD.
GNE - Global Natural Energy Ltd is an algae-tech company that uses its patented breakthrough systems to grow algae for "Green" bio-diesel fuel, human food, pharmaceutical and neutraceutical products and animal feed. GNE is building a worldwide network of joint ventures developing turnkey algae farms and algae processing. For more information visit http://www.gne.bz/

ABOUT SOLAR ACQUISITION CORP.
Solar Acquisition Corporation (OTCBB: SLRX) is focused on commercializing renewable energy technology. The scope of SLRX's interest includes Solar PV, Wind, Fuel Cell, and Geothermal in addition to research and development into innovative renewable energy solutions. Currently SLRX is in the process of developing a portfolio of intellectual assets, patents and companies. For more information visit http://www.createcleanpower.com

SAFE HARBOR
Statements made in this news release that relate to future plans, events or performance are forward-looking statements. Any statement containing words such as "believes," "soon," "anticipates," "plans," or "expects," and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties including the ability of the company to conclude any negotiations and close the transactions discussed, raise the necessary funds if needed to reach a closing, the ability of Solar Acquisition and GNE to develop a meaningful business from any of its activities, form any subsidiaries, sell additional alternative energy products at a profit, or develop any business from those subsidiaries. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion.

Contact Information

  • Contacts:

    SLRX:
    +1 734-238-1758

    GNE:
    Israel
    +972-2-652-9516

    Media Contact:
    eMarkets Group LLC
    +1 551-200-5586