ARISE Technologies Closes Bridge Loan

WATERLOO, ON, Nov. 2 /CNW/ - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), ("ARISE" or "the Company"), a leader in high-performance, high quality, cost-effective solar technology, today announced that on October 29, 2010, the Company closed a US$1,750,000 bridge loan ("Loan") from Haverstock Master Fund, Ltd. and Trenrasp LLC (the "Lenders"). The purpose of the loan is to provide working capital bridge financing to the Company. The loan matures on March 31, 2011 but is required to be repaid earlier in the event that ARISE completes a public equity offering in excess of $5,000,000 or a sale of any assets for proceeds in excess of $4,000,000.

Interest on the Loan is payable quarterly and accrues initially at a rate of 10% per annum which rate increases by 1% per month that the Loan remains outstanding up to a rate of 14% per annum. No share purchase warrants were issued in connection with the Loan. The Loan is secured with a general security agreement on the assets of the Company.  In the event that the Company does not repay the Loan by March 31, 2011, the Lenders have the option to convert the loan into ARISE common shares at up to a 20% discount to the proceeding five day Volume Weighted Average Price of the common shares on the TSX.

About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is a leader in high-performance, cost-effective solar technology.  The company operates through three divisions.  The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany.  The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%.  The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process.  The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division has been providing rooftop and ground-mounted PV solutions since 1996. ARISE is planning to expand its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program. 

The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T.  Additional information is available at www.arisetech.com and www.sedar.com. 

%SEDAR: 00017494E

For further information:

Investor Relations
Glen Williams
The Equicom Group
[phone] ext. 272
[email protected]