Powin Corporation (OTCQB:PWON) today announced that its wholly-owned
subsidiary, Powin Energy Corporation, has signed an agreement for an
investment of $25,000,000 from SF Suntech, Inc., a Delaware corporation
(“SF Suntech”), a wholly-owned subsidiary of Shunfeng Photovoltaic
International Limited (“Shunfeng”), pursuant to a Share Subscription
Agreement which also granted SF Suntech an option exercisable within two
years to acquire another 30% of Powin Energy Corporation for
$37,500,000. Pursuant to the terms of the Share Subscription Agreement,
$5,200,000 of the $25,000,000 will be used by Powin Energy Corporation
to pay off a loan owing to its parent corporation, Powin Corporation,
and the balance will be used by Powin Energy Corporation for working
capital and other purposes.
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