The establishment of a US headquarters in Phoenix will also provide financial and resource efficiencies from localized business operations.
EnviroMission USA will lead briefings and interactions with power authorities and councils in the southwest, as well as analysts and the finance sector within the US to provide real time business advantage for development success in the region.
The southwest region of the US, specifically Arizona, has been identified as an ideal solar tower development destination based on meteorological data and regional market conditions that include strong mandates and incentives for renewable energy generation.
Expenditure associated with the establishment and operation of an office in Phoenix is viewed as an investment in doing business in the US and a necessary investment to support EnviroMission’s shift to executive global developer following the assignment of the global (except China) development rights from SolarMission Technologies, Inc. (SMT) on July 31, 2008.
EnviroMission issued 5,000,000 (five million) ordinary free trading shares (and additional commercial in confidence conditions) to SMT in consideration for the global (except China) development rights to provide sufficient commercial terms to SMT security holders that may have declined EnviroMission’s Stock Exchange Offer thereby creating minority shareholdings.
EnviroMission acquired 58.92% of SMT common shares in December 2008 to achieve majority control of SMT. A forensic audit of the SMT share registry identified ownership anomalies surrounding 39.74% of SMT common shares on issue at the time of EnviroMission’s Share Exchange Offer to eligible SMT security holders.
Security ownership anomalies and the civil suit against SMT by an SMT security holder of ‘special restricted shares’ with limited voting rights (representing 14.3% of the total number of SMT issued shares), also influenced the decision to incorporate EnviroMission USA to lead EnviroMission’s US Solar Tower operations for the benefit of all EnviroMission shareholders and controlled entities.