VS2 Announces Negotiations With Merger Candidate
Source: Business Wire
Publication date: 2001-09-06
NEWPORT BEACH, Calif.--(BUSINESS
WIRE)--Sept. 6, 2001--VS2 Inc. (OTC:VSII)
announced commencement of negotiations with a
California corporation for a merger with VS2 Inc.
The merger candidate is a joint venture partner with
a U.S. solar energy generator systems
manufacturer that owns the most advanced High
Concentration Photovoltaic (HCPV) technology in
The merger objective is to enable the company to
deliver electrical and thermal solar energy
generators to residential, commercial, industrial and
utility scale end-users on an economic basis
superior to all other forms of renewable energy
generators and more than competitive with fossil
James W. Bojica, spokesman for VS2 Inc. stated,
"The company is resolved to complementing its
fossil fuel Power Plant delivery capacity -- See Aug.
16, 2001 Announcement -- with market-ready
alternative renewable energy."
Bojica went on to state, "The merger represents a
giant leap forward for the company with an
immediate capability to fulfill solar energy generator
orders -- currently in-hand and anticipated
high-dollar-volume orders scheduled for delivery by
The company is poised to expand an aggressive
marketing program on behalf of the HCPV energy
system product line that is designed to take
advantage of in-place government subsidies.
Marketing efforts will target commercial and
industrial end-users in the State of California --
particularly the City of Los Angeles.
The pricing of the electrical/thermal generators
affords the owners a 50% rebate, 10% federal tax
credit, 15% state tax credit and accelerated
depreciation. The company intends to place the
energy systems deploying a unique tax incentive
program for funding sources -- wherein the end-user
will receive an energy system at no up-front cost
with significant energy savings.
The company also announced that its auditors are
completing the audited financial statements for VS2
Inc. Management anticipates bringing the company
into a Full Reporting Status prior to the end of the
third quarter 2001.
Certain of the above statements may be
forward-looking statements that involve risks and
uncertainties. In such instances, actual results
could differ materially as a result of a variety of
factors, including competitive developments and risk
factors listed from time to time in the company's