Solar Energy Identifies New Business Opportunities
Palm Desert, CA, March 8, 2010 - Solar Energy Limited (OTCBB: SLRE) (“Solar”) announced that it has been evaluating various options for moving forward, not only in the field of renewable energy but also in other opportune sectors of today’s economy.
Solar has spent much of the last 12 years involved in a variety of development stage R&D projects. The company is now focused on opportunities that are more advanced in nature. Solar has identified two opportunities that it is now investigating and the success of each will be dependent on its ability to raise the funding necessary to finance the transactions.
Solar has entered into an agreement to acquire the assets of a private company operating as Solar Electric (formerly Discover Power). The transaction includes entering into management contracts with the 2 founders of Solar Electric who have been in the business of providing Solar Solutions to a wide variety of customers for over 15 years. The ultimate aim is to have retail outlets where the customer can in one stop have someone design and install a solar system for his home or business including filling out any Government grants/rebates and buy back agreements with the utility companies.
The second opportunity identified is that Solar has been presented with an offer to finance and acquire certain mining assets from Pelaton Mining, Inc. The property is a large alluvial gold deposit in SE Tanzania. Some $2.1M for exploration costs has been spent on the property and a 43.101 geological report is available. $3M is needed to place into production a facility that will process 4000 m3/day averaging 1 gm/m3.
Both projects are subject to Solar’s ongoing due diligence and its ability to raise the funds necessary to implement the business plans. More information will be forthcoming in due course.
Forward-Looking Statements
A number of statements contained in this press release are forward-looking statements. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release. These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, and Solar’s ability to finance those business opportunities identified herein. The actual results that Solar may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Solar encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Solar’s public filings may be viewed at http://www.sec.gov.
For More Information Contact
Michael Gobuty
Chief Executive Officer
Solar Energy Limited
760-773-1111
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