Sunvalley Solar Inc (OTCMKTS:SSOL) made a big run late last year from well under a penny to highs over $0.04 but has dropped of significantly since then.
SSOL has a loyal following both in the US and in Europe that has been supporting the stock along the way as well as Xtremepicks who has been busy trying to bring some new eyes to this situation on twitter.
Sunvalley Solar Inc (OTCMKTS:SSOL) is a Reverse Merger deal valued at around $1.9 million. The big story here is the 8k they filed in February that said ”on February 11, 2015, Sunvalley Solar, Inc., a Nevada corporation and its wholly owned subsidiary, Sunvalley Solar Tech, Inc., a California corporation, entered into an Agreement for Sale and Purchase of Sunvalley Solar Tech, Inc., pursuant to which the Company has agreed to sell 100% of the stock ownership of Sunvalley Solar Tech, Inc. to Sungold Holdings, a Nevada limited liability company.
The Company’s sale of Sunvalley Solar Tech, Inc. will be for a sale price of Two Million Five Hundred Thousand Dollars ($2,500,000) plus five percent (5.0%) of all of Sunvalley Solar Tech, Inc.’s gross sales during 2015 through 2018, which could increase the sale price to a maximum of Four Million Five Hundred Thousand Dollars ($4,500,000).
Effective December 31, 2014, the Company, transferred substantially all of its assets and liabilities to its wholly-owned subsidiary, Sunvalley Solar Tech, Inc.
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BUYER shall deposit One Hundred Thousand Dollars ($100,000.00) of the Purchase Price into a Fully Refundable Escrow within five (5) days from the execution of the Agreement. Upon the Close of Escrow said Deposit and all accrued interest shall be applicable to and credited towards the Purchase Price.
Upon Close of Escrow, BUYER shall pay SELLER the “minimum” Purchase Price of Two Million Five Hundred Thousand Dollars ($2,500,000) in cash which shall include the Escrow Deposit. Beginning on or before January 31, 2016, and every year thereafter on the same date for the next three years, or until the BUYER has paid SELLER the “maximum” Purchase Price of Four Million Five Hundred Thousand Dollars ($4,500,000), BUYER shall pay SELLER Five (5%) Percent of all of the company’s Gross Sales Revenue from the previous calendar year.
Escrow shall close on or before March 20, 2015.
Sunvalley Solar Inc (OTCMKTS:SSOL) used to be a solar system solution provider (before they sold their assets) that offered comprehensive solar energy technology, system design, installation, equipment, and technical support for electrical contractors, builders, homeowners, businesses/commercial buildings, and government entities that assist them in lowering of utility bills, reducing environmental impacts, and increasing energy reliability and independence through solar energy. Located in Los Angeles, California, Sunvalley Solar, Inc. is committed to reducing the world’s carbon foot print from traditional energy sources to make renewable sources such as solar the nation’s mainstream source of power.
The Company announced a number of installation contracts last year including a 1,122KW solar system installation contract from Wreden Ranch in Handord, CA. and a 676.5 KW solar system installation contract for Raven Farms in Selma, CA.
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Currently trading at a $1.9 million market valuation SSOL is slated to receive $2.5 million next week and could receive as much as $4.5 million total for their sale of Sunvalley Solar Tech, Inc. over the next few years. Resistance had been $0.019 which the stock plowed through in late trading on Friday. We will be updating on SSOL when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with SSOL.
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Disclosure: we hold no position in SSOL either long or short and we have not been compensated for this article.