MODESTO, Calif. and KELOWNA, B.C., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Salamon Group Inc. (OTCBB:SLMU) today announced that it has entered into the concluding stage of the acquisition of the Sunlogics Power Management Fund Inc.
"The process is moving ahead as planned. We are in final stages of preparing closing documents and completion of the required audit. We now have all of the necessary board approvals from both companies to close the deal upon the finalization of the audit, and believe that will be concluded within the coming weeks," said Michael Matvieshen, CEO of Salamon. "While we acknowledge that we had set expectations for an end-of-February 2011 closing, we thought it prudent at this time to report on progress, so that all shareholders can be reassured of the situation."
About Sunlogics Power Fund Management Inc.
Sunlogics Power Fund Management Inc. is a solar energy project funder located in Kelowna B.C., Canada, specializing in ECO-Friendly green power projects generated by solar panels, management systems and support equipment. It is the exclusive project funding partner of Sunlogics Inc, a vertically integrated solar energy company. Additional information about Sunlogics Inc. can be found at its website at www.sunlogics.com.
About Salamon Group Inc.
Salamon Group Inc. is a publicly traded independent "green" energy company with new headquarters in Las Vegas, Nevada, USA, and operations in Modesto CA and Kelowna, B.C., Canada. Recently, it enhanced its business model to include the funding of solar powered generating plants, with particular emphasis on the General Motors solar energy projects to be constructed by Sunlogics Inc.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Salamon Group Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption, "Note Regarding Forward-Looking Statements," and "Key Information - Risk Factors," and elsewhere in Salamon Group Inc.'s Annual Report for the fiscal year ended December 31, 2009 as filed on EDGAR at www.sec.gov. The risk factors identified in Salamon Group Inc. Annual Report are not intended to represent a complete list of factors that could affect Salamon Group Inc. Accordingly, readers should not place undue reliance on forward-looking statements. Salamon Group Inc. does not assume any obligation to update the forward-looking information contained in this press release.
CONTACT: Salamon Group Inc. Investor Relations Michael Matvieshen, Chief Executive Officer 778-753-5675