Solar Energy Initiatives Completes Spinoff

By Jacksonville Business Journal

Solar Energy Initiatives of Jacksonville has finalized the spinoff of its subsidiary that will focus on developing large-scale solar projects.

Solar Park Initiatives Inc. was spun off by merging it with Critical Digital Data Inc., a San Diego-based company formerly focused on developing, marketing and licensing an online data storage service, according to DealFlow Media. Through the merger, Critical Digital received all outstanding shares of Solar Park and the former made 53 million new shares of stock available to the latter.

⿿With SNRY [Solar Energy Initiatives] focused on securing municipal contracts and finalizing projects from its pipeline, and SPI concentrating on large-scale solar parks, we believe we are positioned to grow our operations and establish ourselves as a market leader within the solar energy arena,⿝ David Fann, Solar Energy Initiatives CEO, said in a news release. ⿿Our management team will now be able to concentrate on their specific levels of expertise in order to grow revenue, expand market presence and increase earnings.⿝

Critical Data changed its name to Solar Park Initiatives, and the new company will trade on the over-the-counter bulletin board under the symbol CDIX.

Solar Energy Initiatives lifted its third-quarter revenue 58 percent from the same quarter last year to $732,000, but reported a net loss of $1.8 million. Its third quarter ended April 30.

Copyright 2010 American City Business Journals

http://jacksonville.bizjournals.com/jacksonville/stories/2010/07/19/daily19.html?ana=thestreet

Copyright bizjournals.com 2010

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