SLMU closed 66% higher today on news out this morning. The stock has been beaten down and I think we could see a continuation of today's action tomorrow.
LAS VEGAS, Feb 16, 2012 (GlobeNewswire via COMTEX) -- Salamon Group Inc. (OTCQB: SLMU) ("Salamon" or the "Company") announced today that it has issued a $5,066,745 secured convertible note to Radiant Offshore Fund Ltd. and Radiant Performance Fund Ltd. and $444,747 to Haverstock Master Fund Ltd. As a result of the above transaction Salamon is now the only secured creditor of ARISE Technologies Corp. About Salamon Group
Salamon Group Inc., through its Sunlogics Power Fund Management Inc. division, is a solar energy project company specializing in renewable energy power projects. It is a project-acquiring partner of Sunlogics Plc and its Subsidiary as well as other third party project developers.
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. ARISE is engaged in the development of proprietary technologies for the manufacture of high-efficiency photovoltaic (PV) cells from the production of lower-cost 8N+ high-purity silicon for PV cells the ARISE technology has been proven in the R&D stage with cost estimates of sub Fifteen Dollars ($15) a kilogram for scaled production cost. ARISE also provides turnkey PV solutions for solar farms and rooftop installations.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Salamon Group Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in Salamon Group Inc.'s most recent Annual Report as filed on EDGAR at www.sec.gov. The risk factors identified in Salamon Group Inc. Annual Report are not intended to represent a complete list of factors that could affect Salamon Group Inc. Accordingly, readers should not place undue reliance on forward-looking statements. Salamon Group Inc. does not assume any obligation to update the forward-looking information contained in this press release.
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