NORTH VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 7, 2016) –
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Aurora Solar Technologies Inc. (“Aurora“) (“Company“) (TSX VENTURE:ACU)(OTCBB:AACTF)(FRANKFURT:A82), a leader in inline measurement and control technology for the photovoltaic manufacturing industry is experiencing a significant increase in both solicited and unsolicited requests for quotations for its Decima 3T with Veritas Software from industry leaders manufacturing high-efficiency solar cells. As producers manufacture more complicated cell structures, existing off-line and in-line measurement systems cannot measure and control the process necessary to produce these cells. Aurora’s Decima 3T unique, infrared profiling system is capable of accurately measuring these formulas and is poised to win orders at a premium over anything presently in the market. The company’s growing sales pipeline for multi-unit orders of existing products has the potential to bring the company to cash flow positive operation in the next 12-18 months. The company also has solidified the first customer for its end-to-end quality control system which will ship in the fall and be used to optimize each step of the manufacturing process, further increasing the yield of the highest performing cells coming off the line.
In order to deliver on these opportunities, the company announces that it will undertake a non-brokered private placement of 5,000,000 units (“Units“) at a price of $0.15 per Unit for gross proceeds of up to $750,000. Each Unit will consist of one common share (a “Share“) and one purchase warrant (a “Warrant“), with each Warrant entitling the holder to purchase one additional Share (a “Warrant Share“) for a period of 24 months at a price of $0.25 per Warrant Share.
The Company will be paying a finder’s fee consisting of a cash fee of 7% and finder’s warrants to purchase units equal to 7% of the units placed.
All securities will be subject to a 4-month hold period. All funds will be used for general working capital purposes. Completion of the private placement is subject to the approval of the TSX Venture Exchange.
About Aurora:
Aurora Solar Technologies Inc. produces measurement and control solutions which allow solar cell producers to improve manufacturing yield, lower costs, decrease waste and attain higher margins. Headquartered in North Vancouver, Canada, and founded by experienced leaders in process measurement, semiconductor manufacturing and industrial automation, the Company’s shares are listed on the TSX Venture Exchange and trade under the symbol “ACU”. The Company was formerly “ACT Aurora Control Technologies”. For more information, Aurora’s website is located at www.aurorasolartech.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. The Company does not assume the obligation to update any forward-looking statement.
Michael Heaven, P.Eng., MBA
President & Chief Executive Officer
+1 (778) 241-5000
info@aurorasolartech.com
Investor Relations contact:
Aurora Solar Technologies Inc.
Nina Lafleur
+1 (604) 679-9964
info@aurorasolartech.com
www.aurorasolartech.com