China Nuvo Solar converts USD 1m of debt

(ADPnews) - Apr 29, 2011 - US-based development-stage company China Nuvo Solar Energy Inc (OTC:CNUV) said today it had converted USD 1 million (EUR 673,000) of debt into common and preferred shares.

The debt restructuring is in line with the company's roll-up strategy.

As part of the process, China Nuvo will also divest a non-operating subsidiary. The deal is seen to close "in the very near term".

The company owns patent-pending solar and photovoltaic technology. In December it began to look for new business opportunities to bolster shareholder value. In March the company agreed to acquire lithium-ion battery maker Freya Energy Inc.

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