ICP Solar to acquire California firm Discover Power
MONTREAL, QUE-ICP Solar Technologies, a developer, manufacturer and marketer of solar cells and products, has executed a binding letter of intent to acquire Discover Power, a San Diego, California distributor of solar electric and other renewable energy products. Completion of the transaction is subject to a complete and satisfactory due diligence of Discover Power, the finalization of a definitive purchase agreement and the signing of non-competition and employment agreements with senior officers of Discover Power, including president Damien Gutierrez and chief marketing officer Crystal Phelps. "Having installed the first-ever solar roof shingle system in southern California and with a nationwide installer network, the Discover Power brand and organization will be a great addition in line with our growth plans," said ICP Solar CEO and chairman Sass Peress. The transaction will also help expand Discover Power's markets within and beyond California, company president Gutierrez noted. Discover Power is a leading California supplier of complete solar electric systems for industrial, commercial, residential and emergency and disaster preparedness applications. More information is available on the company's Web site, www.discoverpower.com. ICP Solar Technologies, in Montreal, develops, manufactures and markets solar cells and solar cell-based products and building materials. More information is available on ICP's Web site, www.icpsolar.com, or from Laurent Lafite, 514/270-5770.