ReneSola and Dynamic Green, which operates through its wholly owned
subsidiary Jiawei Solarchina Co., Ltd. ("Jiawei") and other Chinese operating
subsidiaries, announced a share purchase agreement on
While the acquisition and share purchase agreement were approved by both companies' boards of directors, the transaction has not been approved by local government agencies where an operating subsidiary of Jiawei is located. According to the terms of an agreement between Jiawei and the local government, the sale of shares of Dynamic Green requires relevant government approvals.
As indicated in the share purchase agreement between ReneSola and Dynamic
Green, the transaction could be terminated without penalty if Jiawei did not
obtain the relevant government approvals by
"Despite the termination of the Jiawei acquisition, ReneSola's downstream
strategy remains intact and we continue to witness impressive organic growth
in our JC Solar cell and module business," said ReneSola's Chief Executive
ReneSola is a leading global manufacturer of solar wafers and producer of
solar power products based in
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This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though our situation may change in the future.
For investor and media inquiries, please contact: In China: Ms. Julia Xu ReneSola Ltd Tel: +86-573-8477-3372 Email: firstname.lastname@example.org Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-6284 Email: email@example.com In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: firstname.lastname@example.org In the United Kingdom: Mr. Tim Feather / Mr. Richard Baty Westhouse Securities Limited, London Tel: +44-20-7601-6100 Email: email@example.com firstname.lastname@example.org
SOURCE ReneSola Ltd