Verditek snaps up remaining share of solar subsidiary

(Sharecast News) - Verditek on Friday took complete control of Greenflex Energy Limited, which had previously been its 51% owned subsidiary, and liquidated asset holding company Greenflex RSM.The AIM-listed company said that gaining complete control of the subsidiary and assets has allowed Verditek Solar Italy to quickly refurbish manufacturing facilities and refine the formulation of lightweight PV modules, resulting in a novel solar PV product that is significantly lighter and easier to install than conventional panels.This in turn has opened up new market opportunities with clients who could not consider a solar solution due to the weight and installation challenges of conventional panels.Chief executive Geo? Nesbitt said: "The acquisition of the minority interest in Greenflex Energy and liquidation of Greenflex RSM allows us to operate decisively. A tremendous amount of work and commitment has been invested to turn this facility around and it will be gratifying to benefit fully from our efforts."Verditek's shares were down 3.10% at 7.51p at 1057 BST.