NR in detail

WATERLOO, ON, May 5 /CNW/ - ARISE Technologies Corporation ("ARISE" or the "Company") (TSX: APV and Frankfurt: A3T), which is dedicated to becoming a leader in high-performance, cost-effective solar technology, is pleased to announce that today it and a company controlled by Ian MacLellan, the Company's founder and Chief Technology Officer (the "Selling Shareholder") have entered into an agreement whereby a syndicate of underwriters led by Canaccord Adams and Clarus Securities Inc., (the "Underwriters") will purchase on a bought deal basis, 20,500,000 common shares (the "Common Shares") from the Company and 500,000 from the Selling Shareholder at a price of $2.20 per Common Share (the "Offer Price") for gross proceeds to ARISE of $45,100,000 and gross proceeds to the Selling Shareholder of $1,100,000 (the "Offering"). The Offering is expected to close on or about May 20, 2008 and is subject to regulatory approval.

The Company has granted the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of common shares issued pursuant to the Offering at the Offer Price.

The Company intends to use the net proceeds from the offering to secure additional silicon wafers, to fund the Company's proprietary PV silicon and PV cell technology programs, to provide funding for a research and development and silicon pilot production facility and for other general corporate purposes.

Closing of the Offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the Toronto Stock Exchange.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.