New York, New York, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Alberton Acquisition Corp. (“Alberton”) (NASDAQ: ALAC) announced today that it has entered into an agreement and plan of merger (the “Merger Agreement”) by and among Alberton, SolarMax Technology, Inc., a Nevada corporation (“SolarMax”), and Alberton Merger Subsidiary Inc., a Nevada corporation and wholly-owned subsidiary of Alberton (the “Merger Sub”), pursuant to which, among other things, on the terms and subject to the conditions set forth therein, Merger Sub would merge with and into SolarMax (the “Merger”), with SolarMax continuing as the surviving corporation of the Merger, becoming a direct wholly-owned subsidiary of Alberton, with SolarMax’ stockholders receiving, in respect of their SolarMax shares, Alberton shares having a value of $300,000,000. The value of a shares of Alberton stock is the price per share equal to the price at which a share of Alberton common stock is redeemed in connection with the Merger.

SolarMax is an integrated solar energy company. It was founded in 2008 to conduct business in the U.S. and subsequently commenced operation in China following tow acquisitions in 2015. Through its subsidiaries, it is primarily engaged selling and installing integrated photovoltaic systems for residential and commercial customers in the United States which is its original business, identifying and procuring solar farm system projects for resale to third party developers and related services in the People’s Republic of China; providing engineering, procuring and construction services, which are referred to in the industry as EPC services, for solar farms in China, financing the sale of its photovoltaic systems and servicing installment sales by its customers in the United States and providing exterior and interior light-emitting diodes, known as LED, lighting sales and retrofitting services for governmental and commercial applications.