SOURCE: Solar Park Initiatives, Inc.

Solar Park Initiatives, Inc.

December 06, 2010 07:00 ET

Solar Park Initiatives, Inc. Adds New Director, New Office, and New Technology Sales Program

PONTE VEDRA BEACH, FL--(Marketwire - December 6, 2010) - Solar Park Initiatives, Inc. (OTCBB: SOPV), a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, is expanding its business model to include different renewable technologies for commercial solar projects and is adding a strategic office in the Research Triangle Park of North Carolina for its new renewable technology sales program.

On December 3, 2010 the Board of Directors appointed David Surette, Solar Park Initiatives CEO, to the Board. In his first action as a Director, Mr. Surette outlined a new Renewable Technology Program to the Board for Commercial Renewable Projects specifically for North Carolina and Tennessee Valley Authority (TVA) territories. To initiate this Renewable Technology Program, Solar Park Initiatives will add a sales office location in Research Triangle Park (RTP), NC. This RTP office will be located in the middle of Raleigh, Durham, and Chapel Hill. The technology will include concentrated photovoltaic, bio-mass, wind and micro-inverter technologies for higher production.

Mr. Surette, CEO and Director, goes on to state, "We are very excited about increasing our scope for these technology projects into the Carolinas and the TVA territories. These high energy using areas also have significant incentives which provide excellent opportunities and are very beneficial for commercial and utility solar systems. By using the correct technologies for renewable energy projects it will provide the most benefit to commercial users in those territories.

"As the push from Federal and State governments for more clean energy increases, we will be ready to move forward to seize the opportunities as they become more numerous. We are excited about the projects that we are currently working on, especially in California and Ontario, and will continue to work towards growing our pipeline of solar park projects."

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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