LUXEMBOURG / DONGYING, PR China, May 6, 2011 /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 (the “Company”), announced today that, on April 7, 2011 it signed a Securities Purchase Agreement with China’s Shandong -based Yellow River Delta Fund (“the Fund.”)
The Fund has agreed to subscribe for and the Company has agreed to issue preference shares in the Company for US$5,000,000. The funds will be used for the Company’s capacity expansion for equipment purchases related to the production of silicon ingots, wafers and solar cells. The transactions under the Securities Purchase Agreement will close after fulfilment of certain pre-conditions, including, but without limitation to, approval of the transactions by the general shareholders meeting of the Company and receipt by the Fund of certain regulatory permits for the investment. The Securities Purchase Agreement is intended to replace a prior Securities Purchase Agreement between the parties in May, 2010 (amended in October, 2010) in its entirety.
"We are pleased at having the Yellow River Delta Fund as one of our strategic investors and is part of our overall China market penetration strategy. The Fund’s management team have a deep understanding of the China alternative energy market and offer our Company unparalleled entry to niche market segments in the fast growing Mainland Chinese solar deployment which is expected to add significant volumes," commented Mr. Zhang Shunfu, CNPV's CEO and Mr. B. Veerraju Chaudary, CNPV's COO, CTO and Member of the Board.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer; solicitation or sale would be unlawful.
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. CNPV 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
About Yellow River Delta Fund
Yellow River Delta (“YRD”) Fund is a China-based private equity investment institution founded in 2009 with a capital size of RMB 1 billion. We focus on investing in high growth companies providing alternative energy solutions, recycling materials as well as other environmental friendly businesses. During 2010, over RMB 300 million were invested in companies across China. Along with the investment in capital, we provided value added services and resources such as financial advisory, banking relations and governmental resources in order to support our investee companies’ growth.
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
B.Veerraju Chaudary, COO, CTO & Member of the Board
Bill Milewski, VP-Investor Relations,
SOURCE: CNPV Solar Power SA