Lonestar Capital Corp. Announces Filing of Filing Statement for Qualifying Transaction with California Solar Integrator Acro Electric, Inc.
Date February 11, 2009 – Houston, TX and Vancouver, B.C. – Lonestar Capital Corp. (TSX Venture: LON.P) (“Lonestar” or the “Company”), a capital pool company listed on the TSX Venture Exchange (the “Exchange”), is pleased to announce that it has received conditional approval from the Exchange for its qualifying transaction to acquire Acro Electric, Inc. (“Acro”), a leading California solar company [specializing in residential solar panel installation] (the “Acquisition”), previously announced July 29, 2008 and November 21, 2008. Lonestar has filed its filing statement dated February 11, 2009 (the “Filing Statement”) on SEDAR in respect to the previously announced Acquisition involving Acro pursuant to a Stock Purchase Agreement dated June 29, 2008, as amended (the “Acquisition Agreement”). The Company anticipates that the Acquisition and a concurrent private placement financing will close on or about February 21, 2009.
The Acquisition will constitute the Company’s Qualifying Transaction under the Exchange’s Policy 2.4 - Capital Pool Companies. Details of the proposed Acquisition are available in Lonestar’s news releases dated July 29, 2008 and November 21, 2008, the Filing Statement, and the Acquisition Agreement. Shareholders are encouraged to review such documents which are available under Lonestar’s profile on SEDAR at www.sedar.com.
The Exchange has in no way passed upon the merits of the proposed Acquisition and has neither approved nor disapproved the contents of this press release. The Exchange does not accept responsibility for the adequacy or accuracy of this press release.
The Qualifying Transaction is subject to the final approval of the Exchange.
----------------------------------------------
This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to the completion the transaction, including statements regarding the final approval of the transaction by the Exchange. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that Lonestar may not receive final approval from the Exchange. The statements in this news release are made as of the date of this release. The factors identified above are not intended to represent a complete list of the factors that could affect Lonestar. Additional factors are noted under “Risk Factors” in the Filing Statement, a copy of which may be obtained on the SEDAR website at www.sedar.com.