PRAMAC - Pramac sets its sights on solar power in Spain

Pramac sets its sights on solar power in Spain

Release date: September 2007

Pramac recently signed a joint venture deal with Spanish company Union de Proyectos Solares SL. The Spanish firm is the lead business in the Prosolia group, which installs and distributes solar panels and other renewable energy equipment to Europe and African markets.

Pramac acquired 50% of Proit srl from the Prosolia group, who will maintain control of the remaining 50%. Both Pramac and Prosolia will run the company and will be active in the installation, sales and distribution sectors on African and European markets (with the exception of Spain and Greece where Prosolia already has a presence). Proit is expected to make use of Pramac s distribution network to create a significant market team-up.

"The joint venture with Prosolia - said Paolo Campinoti, VP and general manager of the Pramac group - represents the first of many steps in the renewable energy sector, all of which present exciting development opportunities".

Safe harbor

Certain statements in this release may relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of PRAMAC to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will" and "expect" or other similar words and phrases often identify forward-looking statements made on behalf of PRAMAC. It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, changes in economic conditions; currency exchange or interest rates; political stability; market acceptance of the company's products and services; significant changes in the competitive environment; epidemic diseases; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors. We do not undertake to update our forward-looking statements.