... Insolvency Proceedings at its German Technology Centre
http://ca.finance.yahoo.com/news/ARISE-Technologies-Announces-cnw-3979292985.html?x=0
WATERLOO, ON, Nov. 8, 2011 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), ("ARISE" or "the Company"), today announced that it has voluntarily filed to place its wholly-owned German subsidiary, ARISE Technology Centre GmbH, ("ARISE Germany") into structured insolvency.
The Technology Centre was created in October, 2009 when the Company finalized its agreement with Scheuten Solar to purchase the operation which is located in Gelsenkirchen, Germany. On October 17, 2011, the Company announced that it was directed by an arbiter in Germany to pay Scheuten Solar the amount of Euro 920,066. ARISE was disappointed to learn of this decision. Under the present conditions, it is not feasible to continue operating the Technology Centre.
The German court is expected to assign an insolvency manager for the Technology Centre to work with ARISE management during the transition period. Proceedings are expected to follow a similar process to that which is currently underway at ARISE's Bischofswerda facility.
ARISE continues to work with its financial advisor, Canaccord Genuity, and will continue to provide regular updates to its shareholders on the progress of the Company's negotiations in relation to the proposed business combination.
