TORONTO, ONTARIO--(Marketwire - March 31, 2011) - SonnenEnergy Corp. (TSX VENTURE:PWR) ("SonnenEnergy" or the "Company") announces that Hypo Group (Alpe Adria) has, further to its notice of cancellation of its Hire Purchase Agreements with the Company's subsidiary, SonnenEnergie GmbH, (pursuant to which the photovoltaic installations situated at Tutzing, Habach, Hechendorf and Waldstetten in Germany were financed), and its demand for payment, has now applied for the opening of insolvency proceedings related to the assets of SonnenEnergie GmbH in a court in Germany.
SonnenEnergie GmbH has continued to dispute the validity of the cancellation of the Hire Purchase Agreements and shall be resisting the application.
About SonnenEnergy Corp.
SonnenEnergy is a solar power systems integrator and solar power producer. The company markets, sells, designs, installs, operates, and maintains grid-connected solar power systems and, since 2004, has installed more than 200 photovoltaic (PV) solar power systems for commercial and residential customers. The company also operates solar power plants in southern Germany, which have total installed capacity of more than 7.0 MWp. SonnenEnergy's European operations are based in Polling, Germany, with a sales office in Italy.
Contact Information: SonnenEnergy Corp.
Hans Hager
President and Chief Executive Officer
+49-881-924513-0
hhager@sonnenenergy.com