According to the company, the distribution license will be for the territory of Canada where both the federal and provincial governments have implemented generous initiatives. According to ClearSky Advisors, Inc. it is estimated that the private sector investment of solar PV in the province of Ontario in 2011 is 2 billion dollars. The electricity generation by one solar concentrator is enough to power a home and sell the excess to the grid for revenue back to the owner. The proprietary solar concentrator demonstrates a major increase in efficiency and will generate electricity even with up to 70% cloud coverage and therefore it is a favored device to be deployed in Canada. The company expects to sign the distribution agreement within the next 30 days.
"We are very close to making this a reality and announcing significant sustainable value for shareholders," said Mr. Charania, President of Sky Power Solutions Corp. "We are counting on several distribution agreements with purchase orders to propel our company to the forefront of solar power generation," added Mr. Charania.
This press release may include 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. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ.