Etrion Releases Third Quarter 2011 Interim Financial

Etrion Releases Third Quarter 2011 Interim Financial Statements

Third Quarter 2011 Revenue of US$18.2 million, up 267% from prior year

Third Quarter 2011 Renewable EBITDA of US$17.3 million, up 289% from
prior year

November 11, 2011, Geneva, Switzerland - Etrion Corporation (“Etrion” or
the “Company”) (TSX: ETX) (OMX: ETX), an independent solar power
producer, today released its condensed consolidated interim financial
statements and related management discussion and analysis (“MD&A”) for
the three and nine months ended September 30, 2011.

Third Quarter 2011 Highlights

  · Production: Produced 30.9 million and 72.4 million kilowatt-hours
(“kWh”) of solar electricity from seven solar power projects (Cassiopea,
Helios ITA-3, Centauro, Helios ITA, Etrion Lazio, SVE and Nettuno)
during the three and nine months ended September 30, 2011, respectively.
  · Revenue: Generated solar electricity revenues of US$18.2 million and
US$43.3 million during the three and nine months ended September 30,
2011, respectively.
    · EBITDA: Recognized adjusted earnings before interest, tax,
depreciation and amortization (“EBITDA”) for the renewable energy
segment of US$17.3 million and US$39.8 million during the three and nine
months ended September 30, 2011, respectively.

  · Construction: Completed construction of the 10 megawatt (“MW”)
Helios ITA-3 and 2.6 MW Nettuno solar power projects, both connected to
the electricity grid in August 2011.

Management Comments

Marco Northland, the Company's CEO, commented, “Etrion made significant
progress in the third quarter of 2011 by completing almost 13 MW of
additional solar capacity. With a fully-funded solar portfolio of
approximately 60 MW, Etrion has substantial revenues and cash flows from
operations. Our solar parks have been producing almost 10% above
expectations so far this year, and we continue to review opportunities
for growth in Italy and abroad.”

Third Quarter 2011 Results

For the three and nine months ended September 30, 2011, the Company
reported a net loss of US$2.8 million (loss per share of US$0.02) and
US$6.5 million (loss per share of US$0.04), respectively, compared to a
net loss of US$6.4 million (loss per share of US$0.04) and US$14.1
million (loss per share of US$0.09), respectively, for the comparable
periods in 2010.

The net results for the three months ended September 30, 2011 were
adversely affected by non-cash items of US$1.5 million, primarily
related to an equity-based financing fee. Before these non-recurring
items, the Company's net loss for the three months ended September 30,
2011, would have been US$1.3 million (loss per share of US$0.01).

At September 30, 2011, the Company had 187,536,120 common shares
outstanding and a cash balance of US$39.2 million.

About Etrion

Etrion Corporation acquires, develops, builds, owns and operates solar
power plants. Etrion currently owns approximately 60 MW of operational,
ground-based solar photovoltaic (“PV”) power plants in Italy. The
Company is listed on the Toronto Stock Exchange and the NASDAQ OMX
Stockholm exchange (ticker symbol “ETX”). Etrion's largest shareholder
is the Lundin family, which owns approximately 25% of the Company's
shares through various trusts. 

For additional information, please visit the Company's website at
www.etrion.com or contact:

Garrett Soden - Chief Financial Officer

Telephone: +41 (22) 715 20 90