News Release Today:
Headline: SolPower Corporation(SLPW-OTC), receives $2 Million financing commitment, and is in closing stages of three license sales totaling $4.5 Million.
Dateline: Scottsdale, AZ, January 8,1997
Management is pleased to announce that effective January 6, 1998 the Company's shares commenced trading under its new name SOLPOWER CORPORATION and symbol SLPW. SOLPOWER CORPORATION (formerly Virtual Technologies, Inc.) is the exclusive North American manufacturer and distributor of SOLTRON, an organic enzyme based fuel enhancer that is leading the way to significantly improving clean combustion of fossil fuels.
The Company has received a commitment for all its present and future financing requirements. A private placement of $2 million has been negotiated to fund the opening of the Company's manufacturing plant in Phoenix, AZ, and national product launch of SOLTRON. The Company has divided its North American manufacturing, distribution, marketing and sales rights to SOLTRON into nine territories. The sale of three licensed territories for $1.2, $1.5 and $1.8 million are in the closing stages. Projected 1998 revenues from the Company's corporate territory and the three licensed territories is estimated at $24.6 million.
For more information, contact SolPower Corporate Relations, Trond Matteson/Josh Ward:
Toll Free: 888-289-8866, Phone: 602-947-6366, Fax: 602-947-6324
Website: www.solpower.com, email: info@solpower.com |
