SOURCE: Solar Park Initiatives

Solar Park Initiatives

September 16, 2010 09:00 ET

Solar Park Initiatives, Inc. Signs Letter of Intent to Acquire Maple Leaf Renewables Group, Inc.

PONTE VEDRA BEACH, FL--(Marketwire - September 16, 2010) -  Solar Park Initiatives, Inc. (OTCBB: SOPV), a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, announced that on September 16, 2010 the Company signed a letter of intent with Maple Leaf Renewables Group, Inc. to acquire the assets of the company. Solar Park Initiatives anticipates that the acquisition will be completed within the next 30 days.

David Surette, CEO of Solar Park Initiatives stated, "We are always interested in acquiring assets to strengthen the position of our company. This acquisition will bring into Solar Park Initiatives a significant list of developing project pipeline assets previously being developed by Maple Leaf Renewables, including their relationships and contacts throughout the renewables community. The sites for future installation of solar arrays include the states of Texas and California. There are multiple projects ranging in size from 2Mw up to 100Mw. Additional development work is needed to bring these sites into production and we expect to see ground breaking as early as the fall of 2011. Our ability to quickly seize these types of opportunities is the result of diligent preparation on the part of our management team. The market is moving quickly and we are poised to react for the benefit of our shareholders."

About Maple Leaf Renewables Group Inc.

The company has been developing large solar and wind energy projects over the past three years. They are currently working with utility companies, land owners, solar and wind asset manufacturers, equity investors, and debt financiers, as well as other players in the renewable energy industry. The company is focused on delivering high-quality, large-scale solar and wind development projects at a low cost to the marketplace.

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 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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