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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: EIGHT-N who wrote (2240)	6/16/1999 10:47:00 AM
From: Rampant	Respond to of 6016

Speaking of future dreams this crossed my News service, thought I would pass it on. I have no interest in these stocks . Interesting though. Rampant AstroPower and GPU to Jointly Address Electric Industry Restructuring Creates Opportunity for Solar Power Providers - $7 Million Purchase by GPU of AstroPower Common Stock - AstroPower to Manage Residential Rooftop Systems NEWARK, Del., June 16 /PRNewswire/ -- AstroPower (Nasdaq: APWR) today announced that it has executed a term sheet with GPU, Inc. (GPU) (NYSE: GPU) to cooperate in the development of products and services that address the significant business opportunities resulting from electric industry restructuring. GPU is a major New Jersey-based utility company and one of the top 10 independent power developers worldwide. Recently, a number of states have implemented customer choice programs as well as renewable energy portfolio standards that mandate specific renewable energy contribution targets. The two companies believe that electricity restructuring will create an increasing market for clean solar electric power and will develop projects to sell PV power into this market. As part of this planned agreement, GPU will purchase $7 million of common stock of AstroPower at a price of $14.50 per share, and will also receive a two year warrant for the purchase of 120,690 additional shares priced at $18.85 per share, representing a 30% premium to the $14.50 value. The shares may be a mix of new shares issued by AstroPower and shares offered by Astrosystems, one of the Company's founding shareholders. The final allocation of shares will be made by the AstroPower Board of Directors, with the portion offered by AstroPower expected to not be less than $5 million. Under the new agreement, the residential rooftop activities previously undertaken by GPU Solar, the joint venture between AstroPower and GPU, will now be managed by AstroPower. Dr. Allen M. Barnett, President and CEO of AstroPower, said, "We are very enthusiastic about the potential of this new relationship. Customers have consistently voiced strong preference for solar power among the power generation options. We believe that the restructuring currently underway within the electric utility industry is providing an environment in which this demand can be addressed." Dr. Barnett continued, "GPU is active in the development of the distributed power generation market, as evidenced by this planned transaction and its previous investment in Ballard Power Systems, a fuel cell developer. GPU will take the lead in project finance, contract negotiation, and legal review, while AstroPower will provide products and technical expertise. In summary, we are pleased by GPU's increased level of participation with us, including the equity capital investment and the premium-priced warrants, reflecting the strength of our solar power business operations." The agreement is subject to various conditions, including satisfactory completion of GPU's due diligence investigation, receipt of requisite corporate and regulatory approvals, and preparation and execution of definitive documentation. About AstroPower AstroPower develops, manufactures, markets and sells photovoltaic (PV) solar cells, modules and panels for generating solar electric power. Solar electric power is used off the electric utility grid for many applications in the communications and transportation industries and in remote villages and homes. Solar electric power is also used in on-grid applications by existing electric utility customers to provide a clean, renewable source of alternative or supplementary electric power. In addition to its new APex(TM) products, AstroPower manufactures and markets conventional single-crystal silicon solar cells and modules worldwide, and is also developing specialty photovoltaic devices and detectors. Currently the largest US-owned PV manufacturer, AstroPower is one of the world's fastest growing PV companies. The Company has leveraged and plans to continue to leverage its resources through research and development contracts with government research laboratories and agencies, alliances with corporate partners, and affiliations with strategic customers. This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, as described in the Company's registration statement and periodic reports filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The projections contained herein speak only of the Company's expectations as of the date of this press release. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based. SOURCE AstroPower, Inc. CO: AstroPower, Inc.; GPU, Inc. ST: Delaware, New Jersey IN: UTI SU: JVN