Elk River, Minn. (Nov. 29, 1994) -- SolarAttic, Inc. announced today that it is accepting -- from Minnesota investors only -- subscriptions of $500 or more to its self-underwritten initial public offering (IPO) of company stock at 50 cents per share.* The decision was reached after several actual and potential IPO investors requested that SolarAttic waive its $3,000 minimum purchase which is stated in the company's IPO prospectus.
"Since we are giving some Minnesotans the chance to invest at the $500 dollar level, we want to extend that same opportunity to other Minnesota investors as well," said Ed Palmer, President and CEO of SolarAttic, Inc. "We've had a continual stream of phone calls requesting our IPO prospectus since the offer became effective in October. Many of the calls are from smaller investors who usually don't get an opportunity to invest in IPO's." He added, however, that the $3,000 minimum would continue to apply to investors in other states where the IPO may be registered early in 1995.
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, is used to heat residential swimming pools and provide auxiliary heat for homes. In addition, SolarAttic is developing a domestic hot water system, based on the same principle of using energy contained in hot attic air.
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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