For Immediate Release:
August 3, 1998
Contact:
James Stanley (612) 441-3440
James Kantorowicz (612) 441-3440
Elk River, Minn. (August 3, 1998) -- SolarAttic, Inc. announced today that it signed a letter of intent on Saturday, August 1, with Radiant Technology Ltd of Auckland, New Zealand. The letter of intent calls for Radiant Technology Ltd to establish manufacturing and marketing operations in New Zealand for SolarAttic's products. SolarAttic is granting exclusive manufacturing and marketing rights for its technology and products to Radiant Technology Ltd for distribution and sales within the countries of New Zealand, South Africa and Australia. Under interim terms of the agreement, SolarAttic will provide ongoing technical support for its products and technologies and Radiant Technology Ltd will pay a royalty fee based upon gross sales. Final details of the agreement are scheduled to be completed and signed prior to December 31, 1998.
Ed Palmer, SolarAttic's CEO, said: "This is an exciting development for SolarAttic since the seasons in New Zealand, South Africa and Australia are opposite of ours in the USA. While we are at the end of our summer, they are at the end of their winter and will be entering their spring soon. These opposite climates will afford SolarAttic a year around business opportunity for many of its products."
SolarAttic has invented and patented a new alternative energy technology that uses the hot air inside of attics for heating hot water, space and swimming pools. The company has also invented and patented a new ventilation technology that allows the attic to be vented from within its own cavity. The new solar technology eliminates the need to use solar roof panels. The new ventilation technology eliminates the need for roof vents and has other applications. Additional information can be obtained on the Internet at http://www.solarattic.com or by contacting Jim Stanley, VP of Marketing/Sales or James Kantorowicz, Marketing Communications at (612) 441-3440.
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