CP Solar Enters Into New Financing Agreement
Investors to Supply Funds for Growth in 2010
MONTREAL, Oct 13, 2009 (BUSINESS WIRE) -- ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer and marketer of innovative, proprietary solar panels and products, announced that it has reached an agreement with its core investors to reinvest up to $800,000 over a six month period, beginning today, in the form of a one year loan bearing 11% coupon. This transaction will provide funding for the Company's many new product introductions planned for the coming quarters.
"ICP Solar's investors have once again pledged their support to the company and our strategic growth initiatives now underway," said Sass Peress, CEO. "Specifically, this financing will enable us to move forward with rapidly bringing our new Energizer(R) product line to market and bolster other efforts to strengthen the company's industry position. We remain focused on top line growth, cost containment, and margin expansion. Our investors clearly understand ICP Solar's improving business model and the goal of becoming cash-flow positive as soon as possible -- which we see as achievable next year. I personally wish to thank our investors for their continued dedication to the future of ICP Solar."
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