Etrion Announces Non-Core Asset Sale

Etrion Announces Non-Core Asset Sale 
GENEVA, SWITZERLAND -- (Marketwired) -- 10/15/13 -- Etrion
Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), a solar
independent power producer, announces the sale of its non-core legacy
oil and gas assets for aggregate proceeds of US$5 million. 
Etrion has sold all of its shares in PFC Oil & Gas, CA ("PFC") for
US$5 million in cash. US$3 million was paid at closing, and the
balance of US$2 million is expected to be received in March 2014. PFC
owns 40% of PetroCumarebo and 5% of Baripetrol, two Venezuelan oil
and gas companies controlled by Petroleos de Venezuela ("PDVSA"), the
national oil company. The board and management of PFC is expected to
remain unchanged. 
The Company shifted its business focus from oil and gas to renewable
power generation following the acquisition of Solar Resources Holding
Sarl in September 2009. Since that time, the Company's holdings in
PetroCumarebo and Baripetrol have been considered passive investments
classified as available for sale. The non-core assets were carried on
Etrion's balance sheet at US$1 million net of advance dividends.
Etrion's remaining assets are entirely focused on solar power
generation. 
About Etrion 
Etrion Corporation is an independent power producer ("IPP") that
builds, owns and operates utility-scale solar power generation
plants. The Company owns 17 solar power plants in Italy with
approximately 60 megawatts ("MW") of installed capacity. The Italian
operations generate more than US$40 million of annual earnings before
interest, taxation, depreciation and amortization ("EBITDA"). Etrion
is also developing solar power projects in Chile, including a 70 MW
solar park in partnership with Total SA. The Company is listed on the
Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm
exchange in Sweden (under the same ticker symbol, "ETX"). Etrion's
largest shareholder is the Lundin family, which currently owns 24.5%
of the Company's shares directly and through various trusts.
Contacts:
Marco A. Northland
Chief Executive Officer
+41 (22) 715 20 90
www.etrion.com
 
 
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