PONTE VEDRA BEACH, Fla., May 8, 2012 (GLOBE NEWSWIRE) -- Solar Energy Initiatives, Inc. (OTCBB:SNRY), a diversified provider of solar solutions with two principal wholly owned subsidiaries focused on large-scale projects, today announced that the company has signed a definitive agreement to purchase certain assets of a company focused in the digital internet marketing space. The asset purchase is scheduled to close no later than July 15, 2012.
Our plan of acquiring a leading media & data solutions provider which is focused on connecting their clients to a targeted audience across multiple sales, marketing and distribution channels gives the company a strong platform on which to launch our new business strategy into the explosive internet digital marketing space. We plan to leverage all digital media options to drive new customers, increase sales, and increase revenue to build shareholder value. The plan is to provide everything a business needs to successfully promote their business on the internet. Future plans include a merger and acquisition strategy to increase client base and company revenues. Future acquisitions are directed toward businesses involved in internet technology, enabled business processes, data, Internet marketing or e-commerce, and service businesses including web enabled software platforms.
"Solar Energy Initiatives has been working to recapitalize the company and seek out new growth opportunities in order to maximize shareholder value. The decision was made due to the reduction in value of its current solar business.
"The Company has been seeking an acquisition candidate in order improve the financial condition of the company to protect the interests of the shareholders," stated David Fann, Chief Executive Officer of Solar Energy Initiatives.
Solar Energy Initiatives Inc. (the "Company") recently filed a Certificate of Correction to its Certificate of Amendment to the Certificate of Incorporation (the "Certificate") to effect a reverse stock split of all outstanding shares of common stock at a ratio of 1 for 100 (the "Reverse Stock Split"). Fractional shares outstanding after the Reverse Stock Split will be rounded up to the next highest number of full shares. The Certificate was approved by the Board of Directors and shareholders holding a majority of the issued and outstanding shares of common stock.
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (OTCBB:SNRY), is a diversified provider of solar solutions with two principal wholly owned subsidiaries focused on large-scale solar projects.
The Solar Energy Initiatives, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12754