You may be wondering what my next project is. I have been retained by Lang AG to assist it in getting to the next level in its business development. We are financing this project by taking Lang public on the Toronto Venture Exchange by way of a reverse take over.
Lang AG is in the property improvement and solar integration business in Germany. Their property improvement business services some of Germany's largest property owners, providing a turn key solution to their renovation needs. When Germany was unified, the government privatized large portfolios of government housing. The private equity investors are obliged to bring the properties up to current “green” standards. Government subsidies are in place to assist with this. Many of the property owners outsource this to companies like Lang.
In addition to the property improvement side of the business, Lang is also developing ground and roof mounted (for their property owning clients) PV solar power installations. We have partnered with a Canadian fund to provide the equity for these projects.
At this stage, we are looking for public distribution of a pre-RTO round in order to comply with the distribution requirements of the Toronto Venture Exchange. The minimum investment is CDN $5,100. The maximum is CDN $25,500. We will be looking for a more substantial round of financing in the fall once we are publically trading.
Our plan is to fund Lang's growth of both the property improvement division throughout Europe as well as the solar division on a global basis. The solar division's initial focus will be roof and ground mounted projects in Germany, but we also intend to expand into other markets in Europe and North America, particularly with our team based in Ontario given the new initiative announced last week by the provincial government.
Green business is one of the few industries that will experience growth during this economic downturn. I suggest that you join me in going green. Otherwise, you might be green with envy!
Thursday, March 19, 2009
Sunday, March 15, 2009
I'm Back!!
Its been over 6 months since the last entry on my blog. The reason for the hiatus was a combination of being very busy in my role as interim President & CEO of SonnenEnergy Corp. and the risk of writing about the goings on at the company given the disclosure rules of the Toronto Venture Exchange. Frankly, I wasn't too sure about what I could and couldn't write about. So, I chose not to write at all.
I left SonnenEnergy a little over a month ago. I have been asked by many people why I left. The bottom line was that the board of directors and I were in a dispute with Hans Hager, the founder and major shareholder of the company. It got to the point that Herr Hager commenced litigation against the company and me personally. He was able to get injunctive relief that made it virtually impossible to deal with the many problems of the company without a court order or his consent.
Despite many attempts to settle the litigation or obtain Herr Hager's consent to some of the changes that the board and I had brought forward, we simply couldn't move the company forward. In addition, we were needlessly spending a huge sum of money on litigation. We came to the conclusion that it was not in the best interest of the company to spend money that we didn't have to fight the litigation. As a result, we resigned and turned the company over the Herr Hager and his new board.
The ball is now in the new board's and Herr Hager's court to act in the best interest of the company. I remind them that they must take into account the interest of the company as a whole when making decisions about the future of the company. I wish them well, particularly since I am still a significant shareholder of the company.
I left SonnenEnergy a little over a month ago. I have been asked by many people why I left. The bottom line was that the board of directors and I were in a dispute with Hans Hager, the founder and major shareholder of the company. It got to the point that Herr Hager commenced litigation against the company and me personally. He was able to get injunctive relief that made it virtually impossible to deal with the many problems of the company without a court order or his consent.
Despite many attempts to settle the litigation or obtain Herr Hager's consent to some of the changes that the board and I had brought forward, we simply couldn't move the company forward. In addition, we were needlessly spending a huge sum of money on litigation. We came to the conclusion that it was not in the best interest of the company to spend money that we didn't have to fight the litigation. As a result, we resigned and turned the company over the Herr Hager and his new board.
The ball is now in the new board's and Herr Hager's court to act in the best interest of the company. I remind them that they must take into account the interest of the company as a whole when making decisions about the future of the company. I wish them well, particularly since I am still a significant shareholder of the company.
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