News Article
ARISE Technologies To Pay €920,066 In Lease Dispute
ARISE Technologies Corporation announced that it has been directed to pay to Scheuten Solar, the amount of Euro 920,066, which includes interest and costs. This decision is as a result of an arbitration hearing which was concluded last week in Germany related to its dispute with Scheuten Solar regarding the lease of the Technology Centre in Gelsenkirchen, Germany.
Arise signed a lease in 2009 to take over the Scheuten Solar plant in Gelsenkirchen, Germany and convert it to a technology centre to commercialize high-efficiency photovoltaic cell technology. Under the agreement, Scheuten was to purchase photovoltaic cells from Arise and Arise was to purchase modules from Scheuten.
ARISE says it is disappointed with the arbitration decision and is reviewing the arbiter's findings with a view to explore its options. The Company continues to work with its financial advisor, Canaccord Genuity, to evaluate strategic alternatives.
