Elk River, Minn. (Oct. 9, 1995) -- SolarAttic, Inc. announced today that it was unable to reach the required minimum amount to complete its "do-it-yourself" Initial Public Offering (IPO). While the company had generated significant interest and funds, the regulatory environment and time-frame were too limiting. Escrowed funds will be returned directly to IPO investors within 30 days by the National City Bank of Minneapolis.

The company will now seek alternative funding from other sources. This includes raising the entire $1.5 Million from private investors along with other possibilities such as a reverse merger with a public shell.

SolarAttic has three U.S. Patents and a fourth patent pending. The company's new technology can heat hot water, space and swimming pools from solar-derived hot attic air. It can also control the ventilation of the attic from within its cavity eliminating the need for all roof and eave vents. The company's products are now in 27 states.

Ed Palmer, SolarAttic's president, said: "There is obviously a public market for the company's stock. However, the company was unable to move fast enough in several areas and time proved to be the primary limiting factor for successful completion of the company's self-underwritten Initial Public Offering." For further information, contact James Kantorowicz at (612) 441-3440..

Resources are what really makes it happen for any business.  Money, Personnel and Time are the critical ones.  During our first IPO attempt, we ran critically short of funds and management time.  Minnesota also served up a securities registration process that was very difficult.  Especially for small struggling companies.  At the time, the Minnesota Securities Division lived up to a bureaucratic reputation.  

3/26/98 Update: Minnesota now accepts SCOR Form U7 filings. It's a sign of regulatory improvement.  This is good because the Internet will take a lot of small companies public.  In the process, the Internet will allow companies to transcend state borders and could increase the already high MN business exodus to more business friendly states. Securities are the life blood of small emerging corporations.  High tech startups and other manufacturing businesses will gravitate to where they can get help. The securities regulatory environment is a critical component of that help.  It is foundational in nature to growth. --The CEO's opinion!