SonnenEnergy Corp.

January 25, 2011 17:31 ET

SonnenEnergy Corp. Announces Receipt of Notice of Cancellation of Mietkauf Contracts (the "Hire Purchase Agreements")

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) - SonnenEnergy Corp. (TSX VENTURE:PWR) ("SonnenEnergy" or the "Company") announces that Hypo Group (Alpe Adria) has given notice of cancellation of its Hire Purchase Agreements with the Company's subsidiary, SonnenEnergie GmbH, pursuant to which the photovoltaic installations situated at Tutzing, Habach, Hechendorf and Waldstetten in Germany were financed, alleging default of payment by SonnenEnergie GmbH, and has demanded payment in accordance with the terms of those contracts.

SonnenEnergie GmbH has disputed the validity of the cancellation of the Hire Purchase Agreements and is attempting to resolve the issues with Hypo Group (Alpe Adria).

About SonnenEnergy Corp.

SonnenEnergy is a solar power systems integrator and solar power producer. The Company markets, sells, designs, installs, operates, and maintains grid-connected solar power systems and, since 2004, has installed more than 200 photovoltaic (PV) solar power systems for commercial and residential customers. The company also operates solar power plants in southern Germany, which have total installed capacity of more than 7.0 MWp. SonnenEnergy's European operations are based in Polling, Germany, with a sales office in Italy.

Forward-Looking Statements

This press release contains or refers to forward-looking information, including statements regarding the ability of the Company to resolve the issues with Hypo Group (Alpe Adria), and is based on current expectations that involve a number of business risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Contact Information