The financial terms of the acquisition will be settled upon the completion of ONYX's Due Diligence review of Optimum's existing operations and future valuations.
GREENWOOD VILLAGE, Colo.--Onyx Service and Solutions Inc (OTCQB: ONYX) announced today that it has executed a Memorandum of Understanding agreement (MOU) to acquire 25% of China-based Optimum Solar. The financial terms of the acquisition will be settled upon the completion of ONYX's Due Diligence review of Optimum's existing operations and future valuations. The terms of the MOU allow for a short Due Diligence period, therefore, ONYX management anticipates closing the acquisition within the next several weeks.
"The combined resources of ONYX and Optimum will allow for the acceleration of the commercialization of our co-developed ‘Plug-N-Play' all in one solar panel system."
"We are confident that the acquisition of this substantial stake in Optimum will allow ONYX access to some of the best engineering and manufacturing expertise available in the solar industry," stated ONYX's President Malcolm Burleson. "The combined resources of ONYX and Optimum will allow for the acceleration of the commercialization of our co-developed ‘Plug-N-Play' all in one solar panel system."
"To date we have received sales inquires from all four corners of the globe; each with a story of how the ‘Plug-N-Play' could be used in revolutionary ways," concluded Burleson.
More information on the "Plug-N-Play" all in one solar power system can be found at: http://onyxservice.com/plug-n-play-solar-panels.html
Onyx Service & Solutions, Inc. acquires, develops and markets the most promising and potentially profitable energy projects and technologies possible. The ONYX mission is to manifest cutting edge energy technology, products, manufacturing advances and construction projects to successfully compete in a global energy marketplace, which includes GE (NYSE: GE), JinkoSolar (NYSE: JKS), Trina Solar (NYSE: TSL) and First Solar (NASDAQ: FSLR).
For more information on the Company see: http://www.OnyxService.com
About Onyx Service & Solutions, Inc. (OTCQB: ONYX)
Onyx Service & Solutions, Inc. is a for-profit corporation that focuses on brilliant alternative energy solutions including medium to large-scale solar construction projects, cutting edge solar technology acquisition and development, new to market solar product development, advances in solar product manufacturing, worldwide solar product sales and creative financing expertise of alternative energy related projects.
About Optimum Solar
Optimum Solar is a Hong Kong corporation with its main office in Shenzhen, China – the industrial manufacturing center of mainland China. Optimum Solar has developed a complete line of high-quality solar products and solutions.
For more information on Optimum solar see: http://www.optimumsolar.com