Sunrise Solar sells SMS Envirofuels biodiesel plant

By Bryan Sims | August 08, 2008
Web exclusive posted August 26, 2008 at 3:17 p.m. CST

San Antonio-based Sunrise Solar Corp. has sold its biodiesel plant SMS Envirofuels Inc., a wholly owned subsidiary of the company. According to the company, it expects to report a $580,000 gain on the sale of assets.

As part of the sale, the purchasers will forgive all outstanding promissory notes, advances, accrued interest and other payables owned to them by Sunrise Solar. As of June 30, the total outstanding promissory notes, advances, accrued interest and other payables owed to the purchasers was approximately $6.5 million.

Established in 2005, SMS Envirofuels' 5 MMgy Poteet, Texas, facility processes soy oil. Sunrise Solar commercializes and distributes cutting-edge alternative solar energy technologies and equipment.

According to Sunrise Solar Chairman and Chief Executive Officer Eddie Austin, who did not want to disclose the buyer, the biodiesel facility sale will allow his company to advance its business strategy into the solar power industry.

"The disposition of SMS Envirofuels and the associated elimination of a substantial portion of our outstanding debt were the few remaining items that needed to be accomplished to finalize our transition into the solar marketplace," Austin said. "Now that the sale has been finalized we are able to fully commit our resources to our new solar business model."

To learn more about Sunrise Solar Corp., visit http://www.sunrisesolarcorp.com/.
 
 
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