MILWAUKEE, WI — (Marketwired) — 07/14/15 — ZBB Energy Corporation (NYSE MKT: ZBB), a leading developer of innovative energy management systems solutions serving the utility, commercial and industrial building markets, today announced the closing of the Securities Purchase Agreement and Supply Agreement with (OTCBB: SOPW), a vertically-integrated photovoltaic (“PV”) developer. This agreement was previously announced in a press release dated April 17th, 2015. The Supply Agreement requires ZBB Energy to deliver energy storage systems with total combined power output of 40 megawatts (MW) over a period of four years. The value of this initial supply agreement is estimated at $80 million to $120 million, depending on the mix of storage applications and installation requirements. Pursuant to the Securities Purchase Agreement between SPI and ZBB, SPI purchased a total of $33.4 million of newly issued common stock and convertible preferred stock of ZBB. SPI purchased 8,000,000 shares of ZBB common stock for approximately $5.3 million at a price per share of $0.6678 and 28,048 shares of ZBB Series C Convertible Preferred Stock for approximately $28.0 million. The aggregate purchase price of the preferred shares was determined based on a price of $0.6678 per common equivalent. The preferred shares are only convertible upon the completion of specific procurement milestones detailed in the Supply Agreement.
The strategic partnership was approved by ZBB shareholders at a special meeting held on July 9, 2015.
In addition to the closing of the partnership with SPI, ZBB Energy is announcing certain changes to its management team and to the board of directors.
Eric Apfelbach will become the Vice Chairman of the Board and Bradley Hansen has been appointed to the position of CEO and President of ZBB Energy. Brad came to the Company in May of 2014 in the position of President and COO. Brad–s broad operating background in both the U.S. and China fits perfectly with ZBB Energy–s global strategic plan. “After a year of working closely with Brad and seeing his leadership abilities first hand, the board is very confident about the future of the Company under Brad–s leadership,” said Paul Koeppe, Chairman of the Board. “His technical and organizational competency are essential as we build a global systems business.”
This change strengthens the board–s oversight capabilities as the Company grows internationally. In the position of Vice Chairman, Eric–s role will be to assist in investor relations, global business development, financial planning, and additional tasks that the board deems appropriate. “The board is very pleased that Eric is stepping up to the Vice Chairman–s position where he can apply his broad experience and expertise,” said Paul Koeppe, Chairman of the Board. “With Brad and Eric in their new positions, the Company is well organized to capitalize on the emerging global markets it is targeting.”
Finally, the board of directors is pleased to announce the appointment of Hoong Khoeng Cheong (HK) to ZBB–s Board of Directors. Mr. Cheong is currently the Chief Operating Officer of Solar Power Inc., and brings many years of experience in the electronics and solar industry to ZBB–s Board of Directors. “We–re very pleased to have HK join the board,” said Paul Koeppe, Chairman of the Board. “His appointment will ensure a close working relationship with SPI at all levels of the organization.”
ZBB Energy Corporation (NYSE MKT: ZBB) is an applications solutions company providing advanced energy management systems critical to the transition from a “coal-centric economy” to one reliant on an enormous expansion in renewable energy. Whether part of the grid power transmission and distribution network, or behind the meter in commercial, industrial and multi-tenant buildings, ZBB Energy brings vital power control and energy storage solutions to the most pressing problems caused by the incorporation of increasingly pervasive renewable energy generating assets. ZBB Energy also provides energy management systems for off-grid applications such as island or remote power. In 2015 ZBB incorporated power purchase agreements (PPA–s) into its portfolio of offerings, enabling electricity savings for customers and providing a stable financial yield for investors. ZBB is a global corporation, with a joint venture in AnHui, China at Meineng Energy, as well as a strategic partnership with Lotte Chemical in South Korea. For more information, visit: .
Solar Power, Inc. (“SPI” or the “Company”) is a global leader in enabling photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, , which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as , a B2B e-commerce platform offering a range of PV products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe, North America and Australia.
For additional information visit: , , or .
Certain statements made in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management–s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Three Part Advisors, LLC
Jeff Elliott
972-423-7070
Matt Selinger
817-310-8776
Phillip Kupper
817-778-8339
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