VANCOUVER, BC, January 10, 2024 (GLOBE NEWSWIRE) —Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is pleased to announce the signing of a Memorandum of Understanding (MOU) for the sourcing, fabrication, implementation, and distribution of vertical solar tower systems within the Middle East, North Africa, and Turkey.
Key Points:
- On January 2, 2024, Three Sixty Solar signed the MOU with a consortium of partners including Infraforward Strategies (US), Tareeq Al-Ahmadi Company (Iraq), Fibercom Company (Turkey), and Zamil Group Trade & Services Company (KSA).
- The MOU focuses on collectively rolling out Three Sixty Solar’s vertical solar tower technology in the Middle East, North Africa, and Turkey, with opportunities for future geographic expansion upon success in the defined region.
- The partners have already begun cooperative efforts on material and fabrication sourcing in the region as well as begun exploring commercial opportunities in Iraq, Saudi Arabia and Turkey with further work kicking off the week of January 15 now that the MOU is signed.
Infraforward Strategies’ Co-Founder and Managing Partner, Ahmed Alomary states, “We are excited to have signed this MOU with Three Sixty Solar and our partners in the Middle East and Turkey. Since meeting Three Sixty Solar early in 2023, we have held the belief that their technology can be well applied in the renewable energy and telecom projects that we have been working on overseas. With the addition of our partners in Iraq and Saudi Arabia we believe that we can achieve deployment of the technology quickly and with our partners in Turkey we believe we can make the costs competitive.”
Collectively, the signatories to the MOU have extensive experience in building infrastructure projects focused on infrastructure in Iraq, Saudi Arabia, and Turkey. Infraforward Strategies is an international leader in the development of digital infrastructure integrated with renewable energy systems. Tareeq Al-Ahmadi Company is an experienced engineering, construction and development company providing turnkey systems in Iraq to support next generation technologies. Similarly, Fibercom is an engineering, construction and development company providing turnkey systems in Turkey. Zamil Group Trade and Services Company is a well-established trading company providing added value to its oversees partners with a wide range of products and services that it provides to eight market segments in Saudi Arabia including a renewable energy product set along with metal sourcing, fabrication, and sales channel relationships.
Three Sixty Solar’s CEO, Brian Roth states, “After several months working with Infraforward Strategies, I am pleased that we were able to reach agreement on how to collectively explore the many opportunities to deploy our technology in the Middle East, North Africa, and Turkey. The group of partners that Infraforward was able to bring to the table is exciting and I believe they have the ability to drive rapid implementation in the region. I am looking forward to moving ahead on projects in the near future.”
On Behalf of the Board of Directors,
—Brian Roth—
Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com
About Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF)
Three Sixty Solar Ltd. is an all-Canadian enterprise which focuses on solar equipment supply to the global market. The company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).
Forward Looking Information Disclaimer
This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company’s expectation that commercial opportunities will advance to projects in the regions discussed.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s annual information form dated December 29, 2023 filed under the Company’s profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.
CONTACT INFORMATION
Three Sixty Solar Ltd.
Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743
Sales & Inquiries
Email: info@threesixtysolar.com
Telephone: +1 (877) 684-1972