Acro Energy Technologies Corp., a solar installation company, has signed a letter of intent to acquire Energy Efficiency Solar Inc. (EE Solar) of Pomona, Calif.
Under the letter of intent, Acro Energy will acquire all of the issued and outstanding common shares of EE Solar for a purchase price of $1.95 million – a combination of cash, a promissory note, common stock in Acro Energy and assumption of EE Solar debt.
EE Solar is a full-service solar energy company installing residential and commercial solar systems in Los Angeles, Orange and San Bernardino counties since 1989. Bill Korthof, current president of EE Solar, will join the Acro Energy team.
SOURCE: Acro Energy Technologies Corp.