LUXEMBOURG/DONGYING, PR China, November 1, 2012 /PRNewswire-Asia/--CNPV Solar Power SA, a public limited liability company organized under the laws of the Grand Duchy of Luxembourg and a leading integrated manufacturer of solar photovoltaic products, today announced the following ownership restructuring plan to strengthen the company.
The Company has been working on a specific project since the beginning of 2012 and suspended its listing on the Alternext market of NYSE Euronext for that reason. The project was put on hold under the current economic situation and PV industry difficulties.
In addition, the Company is experiencing severe liquidity problem due to the extreme difficulty caused by current PV industry difficulties and a substantial need for financing current matured bank loan of its subsidiary of CNPV Dongying and other commitments. Accordingly, the Company must urgently find financing alternatives.
To this effect, a company controlled by Dongying Local government offered to purchase 50.38% equity of CNPV Dongying, a wholly-owned indirect subsidiary and sole asset of the Company, at a purchase price of 10 million USD.
After consultation with the Management and deliberation, the Board of Directors is of the view that this offer is acceptable and in the best interest of the Company and its shareholders and employees.
Since the offer is subject to the prior approval of the Company’s shareholders, the Board of Directors convened a shareholders meeting to be held on November 5, 2012.
To this effect, the Board of Directors, at its best knowledge and with due regard to the circumstances, recommends the shareholders of the Company to approve the above-mentioned transaction.The listing of the shares of the Company will reopen on the day following the date of such press release.
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying Solar Power Company Limited, is a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules that designs, manufactures and supplies highly efficient and cost effective crystalline solar photovoltaic modules. Reliability & longevity are built into our world-class crystalline solar photovoltaic modules, which undergo rigorous internal tests and external certifications (IEC61215, IEC61730, UL, and CE) to ensure peak performance and safety. For further information, please visit CNPV's website at http://www.cnpv-power.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, CNPV's ability to raise additional capital to finance its activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Euronext in Paris. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
CNPV Solar Power SA
Bypina Veerraju Chaudary, Chief Operating Officer
Scott Zhang-Investor Relations,
SOURCE: CNPV Solar Power SA