VANCOUVER, BC and SAN DIEGO, CA--(Marketwired - November 06, 2016) - Solar Alliance Energy, Inc. ('Solar Alliance') or (the 'Company') (TSX VENTURE: SAN) (OTCQB: SAENF) announces it has entered into a loan agreement for $300,000. The Lender is a company of which the Chief Executive Officer and the Chairman of the Company is a director. The loan has a term of two years from the date of the advance at an annual rate of 15% per annum and is secured against the assets of the Company.
The Company has applied the $250,000 already advanced by the Lender as follows: $100,000 towards employee salaries (this amount does not include officer's or director's compensation or management fees), $100,000 towards accounts payable including contractors and vendors and $50,000 towards rent and general working capital for the San Diego subsidiary. The Company proposes to use the proceeds of the additional $50,000 for general working capital purposes and to allow the Company to pursue its expansion initiatives.
The loan is subject to TSX Venture Exchange approval.
Michael Clark, Director
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales and marketing firm focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
"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."