Euro Solar Parks, Inc. (PINK:ESLP) has announced that it is looking to acquire E3 Hus AB, which is a manufacturer of prefabricated building modules for homes and commercial structures, in a letter of intent to do so today. Details regarding the acquisition is a stock-for-stock transaction of about 13.3 million shares that will be issued and valued at 2,000,000 Euro. The actual number of shares that will be issued to E3 will depend on market adjustment at the close of the market. At the time of the close, E3 Hus will be a new, wholly-owned sub-unit of Euro Solar Parks, Inc.
The following statement was released by Euro Solar Parks, “We are excited to share in the ideals that define E3 Hus, which is economical value, ecological promotion, and energy efficiency,” said Steven Huynh, CEO. “E3 Hus has developed a unique building technology that reduces power consumption for heating and cooling. We intend to add solar power panels to its modules and offer its customers additional ‘green’ energy solutions. The sale of its building modules to other European markets will be critical to its long-term success.”
The transaction is to be completed by March 31, 2012. A successful transaction is still subject to a definitive agreement based on the raising of private capital to fulfill working capital and the receipt of regulatory and shareholder approval.
