ONYX terminates development of 22 MW Honduran solar project

Source: Onyx Service & Solutions Inc.

Onyx Service & Solutions, Inc. (OTCBB: ONYX) has informed its Honduran partners as well as local government officials that it has made the decision to terminate development of its 22-megawatt solar power project on the Island of Roatan.

Though the project had garnered significant support from the local government and potential end-users, ONYX has determined that the current political, financial, and regulatory situation in Honduras presents an environment that is, at best, unfriendly to alternative energy projects such as the one under development by ONYX.

"Although we've made the painful decision to walk away from what we feel could have been a game-changing project for the people of Roatan, we are hopeful that the smaller-scale projects we are developing for Roatan will be able to bring at least some of the benefits to the citizens envisioned by our initial diesel generation augmentation project," stated Malcolm G Burleson, Chairman and CEO. "We remain committed to the philosophy of the diesel generation augmentation project and will continue to pursue alternative environments in which a similar project would be feasible."

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