Under the terms of the LOI, the company will acquire Arctic Solar Engineering assets for approximately $2m in preferred stock, 50% of which will be tied to an earn-out agreement that will be based on projected pipeline revenue.
FutureWorld claims that with the combination of its engineering background and Arctic Solar know-how, the company will provide a complete turnkey commercial building solar system that uses no conventional energy, resulting in more than 60% energy savings to the client.
FutureWorld COO Michael Shoaff said that upon completion of the acquisition, the company will head into 2011 with a rapidly-expanding customer base, vast array of enticing solar solutions and technology to offer some of the most cost-efficient solutions to a world demanding clean, renewable energy.
