SOURCE: Solar Energy Initiatives, Inc.

Solar Energy Initiatives, Inc.

May 04, 2011 11:01 ET

Solar Energy Initiatives, Inc. Retains Wellfleet Partners, Inc. to Maximize Shareholder Value Through Mergers and/or Acquisitions

NEW YORK, NY and PONDE VENDRA BEACH, FL--(Marketwire - May 4, 2011) - Solar Energy Initiatives, Inc. (OTCBB: SNRY), today announced that it has retained the 13 year old advisory and consulting firm Wellfleet Partners, Inc. (Wellfleet) to evaluate and effectuate a strategic partnership, merger and/or acquisition. Wellfleet will work to recapitalize the company and seek out new growth opportunities in order to maximize shareholder value. The decision was made due to the reduction in value of its current solar business.

"It is apparent that the Company's core business, due to difficult market conditions, has depreciated in value and thus the Board of Directors believe that it would be better suited to locate a transaction that would transition from its current core business to a business that could maximize value for current shareholders," stated Mark I. Lev, Chairman and CEO of Wellfleet Partners. "We believe that with our team of esteemed professionals, our world class advisory board, and numerous contacts, we will be able to find several opportunities and then hopefully be able to negotiate a successful transaction. We will stay actively in touch with the shareholders and investors as we continue to search for strategic opportunities. We expect to shortly announce the appointment of two new board members who will assist us in entertaining all available business opportunities."

Solar Energy Initiatives

Solar Energy Initiatives, Inc. (OTCBB: SNRY) is a developer of solar photovoltaic installations. These services are provided through its wholly owned subsidiary, SNRY Power, who is a developer and manager of municipal and commercial scale solar projects. For more information please visit http://www.solarenergy-us.com/.

About Wellfleet Partners, Inc.

Wellfleet Partners, Inc. (Wellfleet), a thirteen year old boutique financial services and consulting firm, was founded by Mark I. Lev in early 1998. The Company's emphasis is to engage in a wide variety of corporate finance, venture capital, management consulting and corporate Investment Banking related activities to a broad range of public and private emerging small to medium sized growth companies. In addition, through subsidiaries and/or affiliates, it offers financial and brokerage services and money management as well and has strategic partnerships and offices in London, England, Ra'anana, and Tel Aviv, Israel, Dublin, Ireland, Miami and Fort Lauderdale, Florida; Southern California (Los Angeles & San Diego), Northern California (Palo Alto) and in conjunction with MRM Finance LLC, jointly opened an office in Beijing, China in 2008. Wellfleet renders all of its fund raising and investment banking related activities through Sandgrain Securities, Inc., a registered FINRA broker-dealer primarily headquartered in New York. For more information, please go to www.wellfleetpartners.com; an updated/new brochure, quarterly newsletter and/or press releases available upon request.

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