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Solar Energy Initiatives, Inc. Completes Spin-Off of Solar Park Company, Solar Park Initiatives

^{Published on 2010-07-20 06:41:48 - Market Wire}
 

PONTE VEDRA BEACH, FL--(Marketwire - July 20, 2010) - Solar Park Initiatives, Inc., a solar project developer ("SPD") for utility scale solar projects, today announced it has consummated a Plan of Merger and Reorganization with its wholly-owned subsidiary, Solar Park Acquisition Corp., and Critical Digital Data, Inc., a publicly owned Nevada corporation which trades on the Over the Counter Bulletin Board under the symbol CDIX.OB.

"Management is pleased to close this transaction for our shareholders at a time of heightened activity for both Solar Energy Initiatives and the newly created SPI," stated David Fann, Chief Executive Officer of Solar Energy Initiatives, Inc., a parent company of Solar Park Initiatives. "With SNRY focused on securing municipal contracts and finalizing projects from its pipeline, and SPI concentrating on large scale solar parks, we believe we are positioned to grow our operations and establish ourselves as a market leader within the solar energy arena. Our management team will now be able to concentrate on their specific levels of expertise in order to grow revenue, expand market presence and increase earnings. This spin off is in line with our strategy of positioning SNRY for long-term growth, while creating value for our shareholders."

About Solar Park Initiatives, Inc.

Solar Park Initiatives intends to develop land for large utility scale solar photovoltaic ("PV") projects. The Company will attempt to provide engineering, procurement of products and construction ("EPC") via third party vendors including its sister company Solar Energy Initiatives, Inc. Solar Park Initiatives will attempt to sell the resultant electrical production to various utilities through a Power Purchase Agreement ("PPA") at above market energy rates. The Company expects to provide energy savings to commercial and municipality users without any out of pocket engineering, procurement or construction ("EPC") costs to those users of energy.

About Solar Energy Initiatives, Inc.

Solar Energy Initiatives, Inc. (OTCBB: [ SNRY ]) is a diversified provider of solar solutions with three principal operating groups focused on large-scale projects, solar education and distribution of solar products. SNRY Power is a developer and manager of municipal and commercial scale solar projects. The SolarEos Group is dedicated to the education and continuous improvement of solar energy trade professionals. SNRY Solar is a wholesale distributor of branded photovoltaic and thermal (water heating) systems selling via a network of dealers throughout the United States and the Caribbean. Solar Energy Initiatives also owns SolarEnergy.com, one of the most visited solar websites on the internet and a digital property committed to driving consumer traffic, while serving as a platform for awareness of the benefits of solar and a source of business lead generation to SNRY Solar's channel partners. Through its diversified portfolio of solar businesses, Solar Energy Initiatives, Inc. is committed to restoring the nation's economy through a grassroots campaign called "Renew the Nation." Renew the Nation brings together a broad alliance of public and private sector interests focused on workforce development, job creation and economic growth through solar energy. For more information please visit [ http://www.solarenergy.com/ ].

Forward-Looking Statements
This press release contains forward-looking statements that reflect current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of the companies and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The companies assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the companies' expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the companies from time to time with the United States Securities and Exchange Commission and other regulatory authorities.