SOURCE: Solar Park Initiatives, Inc.

Solar Park Initiatives, Inc.

February 01, 2011 15:03 ET

Solar Energy Initiatives, Inc. Investigating Cash Distribution

PONTE VEDRA BEACH, FL--(Marketwire - February 1, 2011) -  Solar Park Initiatives, Inc. (OTCBB: SOPV), a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, today announced that Solar Energy Initiatives, Inc. has investigated the specifics behind the payment of a cash dividend in connection with its distribution of shares of Solar Park Initiatives, Inc. as previously announced. Solar Energy management, in its discussions with Depository Trust and Clearing Corporation ("DTCC"), has been advised by DTCC that such cash distribution was made by DTCC in error and DTCC is in the process of reversing the cash distribution. If you have received a cash dividend, we advise that you maintain custody of such proceeds until it is definitively determined as to how the proceeds are to be returned to DTCC.

Solar Park Initiatives, Inc. Business Strategy
Solar Park Initiatives intends to develop land for large utility scale solar photovoltaic ("PV") projects. The Company will provide engineering, procurement of products and construction ("EPC") via third party suppliers including its sister company Solar Energy Initiatives, Inc. SOPV will attempt to sell the resultant electrical production to various utilities and large commercial entities through a Power Purchase Agreement ("PPA"). The Company expects to provide energy savings to commercial and municipality users without any out of pocket engineering, procurement or construction ("EPC") costs to those users of energy.

Forward-Looking Statements
This press release contains forward-looking statements that reflect current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of the companies and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The companies assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the companies' expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the companies from time to time with the United States Securities and Exchange Commission and other regulatory authorities.

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