iSun Inc. Settles Pending Litigation

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN), a leader in solar energy, announced the settlement of litigation with Sass Peress. This amicable resolution addresses all disputes without additional payments. iSun recognizes Peress's significant contributions to EV innovation since acquiring iSun Energy, LLC in January 2021. CEO Jeffrey Peck emphasized the collaborative spirit and shared goals of promoting clean energy and combating climate change. iSun has a long history of advancing electrification technologies and aims for profitable growth in renewable energy.

Positive

• Amicable settlement of litigation with Sass Peress.
• No additional payments made due to the settlement.
• Recognition of Peress's contributions to iSun's EV Innovation.

Negative

• None.

iSun, Sass Peress and Renewz Sustainable Solutions agree on Settlement

WILLISTON, Vt.--(BUSINESS WIRE)-- iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, announced the settlement of the pending litigation initiated by Sass Peress.

HIGHLIGHTS:

• Amicable resolution of all disagreements.
• No additional consideration paid as a result of the settlement.
• Recognition of Sass Peress’s contribution to iSun’s EV Innovation.

“When we acquired iSun Energy, LLC in January of 2021, we embraced the innovative change pioneered by Sass Peress throughout his career in solar and e-mobility,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We were able to leverage Sass’s existing industry connections to drive our growth strategy forward. We also knew that the innovation acquired would allow iSun the opportunity to build new relationships in new geographic regions. As a Company, we appreciate the opportunity to have worked collaboratively with Sass and his team throughout 2021 and wish him all the success in his path forward. We are happy to settle all disagreements in an amicable manner as our goals of accelerating the transition to clean energy and fighting climate change were aligned from the beginning.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230120005477/en/

iSun Investor Relations

IR@isunenergy.com

Source: iSun, Inc.

FAQ

What was the recent settlement involving iSun (ISUN) and Sass Peress?

iSun announced the amicable settlement of litigation with Sass Peress, resolving all disputes without additional payment.

How does the settlement affect iSun's business?

The settlement allows iSun to move forward without the burden of litigation, reinforcing their focus on clean energy and innovation.

What is Sass Peress's contribution to iSun (ISUN)?

Sass Peress significantly contributed to iSun's EV innovation, leveraging his industry connections for growth.

When did iSun acquire iSun Energy, LLC?

iSun acquired iSun Energy, LLC in January 2021.

What are iSun's goals moving forward after the settlement?

iSun aims to accelerate the transition to clean energy and focus on profitable growth opportunities.