PHOENIX, BAULKHAM HILLS, New South Wales, Australia and NEW YORK, Feb. 16, 2010 (GLOBE NEWSWIRE) -- Solverdi Worldwide Ltd. (ASX:SWW), the world's renewable utility, today announced it has received a Tender Offer and Voting Agreement for the Assets of the Company.
LincolnHill Capital Partners submitted a Tender Offer, ("Offer"), and Asset Purchase Agreement today to Solverdi Worldwide, Ltd. ("Company") for an equivalent of U.S. 0.27 cents per share in stock and cash. The Agreements are currently in review by Solverdi for referral to the Company's Board of Directors ("Board"). The stock component will be traded, if the Offer is accepted on the OTC.BB exchange in the United States, and the cash component included is AUD .02 cents per share. If the Agreements are recommended for acceptance by the Board of Directors of Solverdi, then each shareholder will receive details and a copy of the Offer within thirty (30) days of any affirmative Board decision and following ASX rules.
Chief Executive Officer Dennis M. Danzik stated, "Yesterday we received a formal contract to purchase the Assets of Solverdi and an additional Tender Offer Agreement for the common shares of the Company. The two Agreements will be tabled at a special Board meeting to be held later this week."
"If the Board recommends acceptance of the Offer, all shareholders will receive details of the Offer, per ASX rules, which include shares in a United States registered publicly traded company and cash. The investment banking groups involved in this Offer and presenting the value to our shareholders are substantial, very experienced, and have a proven track record of over thirty years. We are taking this Offer seriously and will act accordingly," Danzik added.
About Solverdi Worldwide Ltd.
Solverdi Worldwide Limited is the world's first renewable utility. It offers customers a "behind the meter" solution for generating electricity during peak utilization periods at 15 - 25% below peak rates per kilowatt hour. In addition, the Solverdi Process is used to produce steam, compressed air, and recapture non-potable water. The Solverdi Process includes an amplified solar cracking (thermal) system that delivers renewable electricity and incorporates the use of solar and renewable fuels and utilizes a commercial building's uninterruptable power supply and interior energy infrastructure. The average system is installed on the exterior of the building and fits inside a 100 square foot area. All systems are designed and supervised by professional engineers, and meet LEED standards in the U.S. The company also operates Australia's largest capacity renewable fuel production facility, near Brisbane, Queensland, and an additional facility in Berkley Vale, New South Wales.
Forward Looking Statements
The Information herein contains forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause Solverdi results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," and similar words. These statements may include, among others, plans, strategies and objectives of management for future operations; any statements regarding proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. The potential risks and uncertainties may include, but are not limited to, competition in our target markets; potential capital needs; management of future growth and expansion; risk of third-party claims of infringement; protection of proprietary information, customer acceptance of the company's products and fee structures; the success of Solverdi brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of international markets for the company's products. Solverdi assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.