Under the terms of the transaction, Allora Minerals entered into an asset and stock purchase agreement with Epod Solar, and Epod Solar’s wholly owned subsidiaries, Epod Solar (Wales) and Epod Industries, whereby Allora Minerals agreed to acquire all of the issued and outstanding shares of capital stock of Epod Solar Europe from Epod Solar, and Great Lakes Solar Utilities from Epod Industries. The closing of the acquisition, which was expected to occur within 45 days of June 30, 2009, is no longer in effect.
Allora Minerals changed its name to Epod Solar and ticker symbol to EPDS on August 12, 2009, in anticipation of the closing of the transaction.
Furthermore, the company has revealed expiration of the letter of intent (LOI) signed on July 21, 2009, between Allora Minerals and OptiSolar Technologies. Under terms of the LOI, Allora planned to purchase manufacturing facilities, production lines, intellectual property and R&D facility of OptiSolar for a value of $260m in an all stock transaction, priced at $21.66 per share, resulting in an issuance of 12 million shares of Allora’s common stock to OptiSolar shareholders.
Epod Solar develops and operates a portfolio of solar parks in Europe, with manufacturing facilities for amorphous silicon thin film solar panels in North America and Wales.
