Elk River, Minn., (Sept. 7, 1994) -- SolarAttic, Inc., announced today that the Securities and Exchange Commission has declared SolarAttic's SB-1 registration statement for an initial public offering of the company's common stock effective today at 10 a.m. (CDT). Terms for the initial public offering are 1.5 million shares minimum and 3.0 million shares maximum of the company's common stock priced at fifty cents ($.50) per share (a).
SolarAttic, Inc., manufactures proprietary and patented solar heating devices that use the solar energy contained in hot attic air. The company's heating systems can be used in place of traditional solar panel collector technology for heating residential swimming pools and providing auxiliary heat for homes. SolarAttic is currently developing a domestic hot water system that uses the company's patented technology. A prototype of this system was demonstrated on Aug. 25, 1994, at the Minnesota State Fair.
Proceeds from the initial public offering are to be used primarily to fuel marketing programs and expand engineering and manufacturing capabilities. The offering will be made directly from the issuer, and only by means of a prospectus.
Based in Elk River, Minn., SolarAttic has been in business for eight years. Its pool heating systems are already serving customers in 22 states. Ed Palmer is the company's President and CEO.
(a) This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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