Elk River, Minn. (October 10, 1994) -- SolarAttic, Inc., announced today that its SB-1 registration statement for an initial public offering of the company's common stock became effective within the State of Minnesota on Oct. 6. The initial public offering is for 1.5 million shares minimum and 3.0 million shares maximum of the company's common stock priced at fifty cent ($.50) per share.*
Proceeds from the initial public offering are to be used primarily to fund marketing programs and expand engineering and manufacturing capabilities. The offering will be made directly from the issuer and only by means of a prospectus.
SolarAttic, Inc., manufactures proprietary and patented solar heating devices that use the solar energy contained in hot attic air. The company's technology, which eliminates the need for roof-mounted solar collector panels, are used to heat residential swimming pools and provide auxiliary heat for homes. SolarAttic is currently developing a domestic hot water system, based on the same principle of using energy contained in hot attic air. A prototype of this water heater was demonstrated on Aug. 25, 1994 at the Minnesota State Fair.
Based in Elk River, Minn., SolarAttic has been in business for eight years. Its pool heaters are already serving customers in 22 states. Ed Palmer is the company's President and CEO.
* The 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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3,000,000 Electric Hot Water Heaters Ship Each Year
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