MODESTO, Calif., July 28, 2011 (GLOBE NEWSWIRE) -- Salamon Group Inc. (OTCBB:SLMU) today announced that Sunlogics PLC, (Frankfurt:18L), parent company of Sunlogics Inc., has received an equity investment of $7.5 Million from GM Ventures, a division of GM. The investment will provide the required working capital in order to develop and construct solar projects throughout GM's worldwide facilities and dealer network to support GM's "Solar Renewable Energy Initiative."
As a result of the "right of first offer" agreement signed between Salamon Group Inc. and Sunlogics Inc, on May 2nd, 2011, this working capital injection will now accelerate the construction of solar charging stations at GM dealerships and rooftop solar power installations worldwide, which will provide Salamon Group with a pipeline of high quality solar assets for acquisitions.
About Salamon Group Inc.
Salamon Group Inc, through its Sunlogics Power Fund Management Inc. division, is a solar energy project fund located in Modesto, California, specializing in renewable energy power projects. It is a project-acquiring partner of Sunlogics Inc., a vertically integrated solar energy company. Salamon Group Inc. is a publicly traded independent renewable energy company with headquarters in Las Vegas, Nevada, USA, and operations in Modesto, CA. It recently enhanced its business model to include the funding of solar power projects to be constructed by Sunlogics Inc.
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