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ALPHA SOLARCO INC. TO MERGE WHOLLY OWNED SUBSIDIARY WITH SOLECTRIC CORPORATION

 ALPHA SOLARCO INC. TO MERGE WHOLLY OWNED SUBSIDIARY
 WITH SOLECTRIC CORPORATION
 CINCINNATI, Aug. 28 /PRNewswire/ -- Alpha Solarco Inc. (NASDAQ: ASCO) announced on Aug. 27 that the shareholders of Solectric Corporation approved the merger of Solectric Corporation into Alpha Solarco Inc.'s wholly owned subsidiary, SOLACQ Inc. Pursuant to the merger, each outstanding share of Solectric Corporation common stock will be automatically converted into one share of Alpha Solarco Inc. common stock. SOLACQ Inc. will be the surviving corporation but will change its name to Solectric Corporation and will continue as a wholly owned subsidiary of Alpha Solarco Inc.
 In conjunction with the merger, Alpha Solarco shareholders have approved an amendment to the company's articles of incorporation increasing the authorized capital stock from 60 million to 200 million shares of common stock without par value. Once the merger is complete, Alpha Solarco Inc. will have issued and outstanding 73,315,664 shares.
 Solectric Corporation and Alpha Solarco Inc. are co-owners of a joint venture company, Solar Corporation, which was organized to develop a solar energy system based upon the Photovoltaic Modular Electric Power Generator (MSEPG). Since 1985, both companies have been concentrating their resources on the production, through Solar Corporation, of a prototype MSEPG and MSEPG demonstration unit and the international sale of certain materials, equipment, components and technology necessary to build photovoltaic electric power generators. The management of Alpha Solarco and Solectric determined that the merger was in the best interests of the shareholders of both companies because both companies' entire business efforts are directed to the commercialization of the MSEPG and photovoltaic products and technology.
 -0- 8/28/92
 /CONTACT: Edward C. Schmidt of Alpha Solarco Inc., 513-771-1690/
 (ASCO) CO: Alpha Solarco Inc. ST: Ohio IN: SU:


KK -- CL007 -- 4341 08/28/92 11:25 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
Words:297
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