Solar Night Industries, Inc. (OTC Pink Sheets: SLND.PK) announced today that it has entered into a $1 million financing agreement in the form of callable secured convertible notes, from various accredited and institutional investors.
Saint Louis, MO (Empire Newswire) June 29, 2006- Solar Night Industries, Inc. (OTC Pink Sheets: SLND.PK), a solar solutions company for consumers, commercial, industrial and governmental customers, announced today that it has entered into a $1 million financing agreement in the form of callable secured convertible notes, from various accredited and institutional investors. The financing includes a funding of an aggregate amount of $500,000 upon the entry into the financing agreement, and an additional funding of $200,000 and $300,000 to be provided upon the satisfaction of certain conditions pursuant to the requirements of the Registration Rights Agreement. The 6% notes have a three year term and are convertible into common stock.
The Investment will enable Solar Night Industries, to move forward on its strategic plan to identify and source the best of class solar technology from its worldwide network and to bring new and innovative products to the American consumer.
"We are pleased that the institutional investors have decided to provide Solar Night Industries with $1 million to enable us to build on our strategic plan to provide customers with what management believes to be innovative and cutting edge Solar Products and Technology," stated Jason Loyet, President of Solar Night Industries. "By extending this opportunity to Solar Night Industries, the institutional investors have shown their confidence in the future of Solar Night Industries and its management as well as our ability to keep the company's place in the ever expanding solar sector of the alternative energy industry."
About Solar Night Industries, Inc.
Solar Night Industries, Inc., based in St. Louis, Missouri (USA), is a global manufacturer and distributor of innovative solar products. The company was founded by technology, manufacturing, and sales executives with extensive industry experience and proven track records of success. The company has operations in St. Louis, Missouri and Sarasota, Florida, with affiliate offices in Mainland China. The company is developing products for consumer, business, and government markets. For more information, please visit http://www.SolarNightIndustries.com.
Safe Harbor Statement
This press release contains forward-looking statements which are made in reliance upon the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the statements expressed or implied herein due to a variety of factors including, but not limited to: the development of Solar Night Industries' solar cell technology and solar solutions, ability to secure additional financing, the successful marketing and distribution of Solar Night Industries' products market acceptance of Solar Night Industries' products and technology, competition and timing of projects and trends in the solar industry, as well as other factors. The forward looking statements contained herein are made only as of the date of this press release, and Solar Night Industries undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
Solar Night Industries, Inc.
Jason Loyet, President