• Parties anticipate closing during summer
PENNINGTON, NJ, May 29, 2007 -- WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB) (formerly WorldWater & Power Corp.), developer and marketer of proprietary high-power solar systems, today announced that Chairman and CEO Quentin T. Kelly and ENTECH Inc. Vice President -- Corporate Business Robert R. Walters signed a final Letter of Intent defining the terms for the acquisition of ENTECH Inc., developer and manufacturer of advanced solar concentrating technology. The definitive agreement is expected to be completed before the end of the second quarter, with closing scheduled soon thereafter. As part of the agreement, WorldWater will pay ENTECH shareholders $6.3 million in cash consideration along with $12 million in WorldWater common stock. The deal also includes earn-out provisions for ENTECH's stockholders and management if certain performance benchmarks are met. Additional terms were not disclosed.
"We greatly appreciate our shareholders' patience as we worked hard to structure an appropriate transaction this past year," stated Quentin T. Kelly, Chairman and CEO. "While it has clearly taken longer than expected to finalize the terms of this important acquisition, we remain very excited about the opportunities that ENTECH brings to WorldWater. ENTECH's solar concentrator technology greatly enhances the efficiency of large solar applications, utilizing 95% less silicon to generate power than required by conventional flat plate solar modules. As a combined entity, we can provide solar systems capable of generating and delivering electrical and thermal energy at a price competitive with the grid -- even before rebates. We have been working with ENTECH on a number of megawatt and multi-megawatt RFPs and look forward to consummating this transaction in the very near future. This is an exciting time for our two companies."
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems.
ENTECH provides advanced solar energy technology for a variety of applications, ranging from daylighting systems for commercial buildings to solar power arrays for spacecraft. The company's patented solar power systems produce electricity from sunlight for applications on Earth (terrestrial power) and in space (spacecraft power). ENTECH's Fresnel lenses capture sunlight and focus it onto small solar cells, thereby reducing electricity costs compared to conventional flat-plate (planar) solar energy approaches.
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