LUXEMBOURG/DONGYING, PR China, December 2, 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 confirmed transaction completion on November 22, 2012, for the ownership transfer of 50.38% of the shareholding of CNPV Dongying Solar Power Company Limited; a wholly owned indirect subsidiary and its sole asset, to the State-owned Assets Operation Company of Dongying District at a purchase price of 10 million USD.
As per the press release of November 9th it is hereby reconfirmed that the resultant bilateral ownership is now accessing additional liquidity from international sources, ensuring CNPV Dongying Solar Power Company Limited can continue to generate a profitable and managed growth within the severely depressed solar PV market. The requirement to assign a controlling share is neither an indication of lack of faith in the existing strategy, or management team, but is a fundamental requirement for assets to be best used as security within a tumultuous operating market.
Relevant activity, post transaction completion date, confirms CNPV’s continued progression on delivering to its fundamental strategy of delivering the highest value products and services to its knowledgeable and respected strategic partners.
CNPV Solar Power SA (NYSE Euronext: ALCNP) 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 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