SHANGHAI, April 30, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that it, together with its wholly owned subsidiary, Meitai Investment (Suzhou) Co., Ltd., ("Meitai Investment"), has entered into a definitive share purchase agreement with Shanghai All-Zip Roofing System Group Co., Ltd. ("All-Zip"), a company established in China, and all of its shareholders (collectively, the "All-Zip Sellers") for the acquisition of 100% of the equity interest in All-Zip. All-Zip is a leading provider of comprehensive roofing solutions in the China market.
Pursuant to the share purchase agreement, Meitai Investment agreed to purchase from the All-Zip Sellers 100% of the equity interest in All-Zip for an aggregate consideration of RMB275 million to be settled with SPI's shares of common stock at $2.38 per share, subject to customary closing conditions and other terms and conditions set forth in the share purchase agreement.
"Following upon the framework agreement announced last October, we are pleased to announce this agreement to acquire All-Zip," said Xiaofeng Peng, Chairman of SPI. "All-Zip's expertise in providing comprehensive roofing solutions for commercial and industrial installations fits well with SPI's strategy to capitalize on the growing market in China for the development of distributed generation (DG) solar PV projects, which China's National Energy Administration (NEA) has pledged to actively support in the coming years. Combined with SPI's innovative online energy e-commerce and investment platform Solarbao.com, All-Zip gives SPI a strong foundation to capture market share in the lucrative commercial and industrial rooftop DG segment in China."
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale, commercial and industrial, and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products. The Company has its operating headquarters in Shanghai and maintains global operations in Asia, Europe, North America and Australia.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "expects" or similar expressions. These statements 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. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Amy Liu, Solar Power, Inc. +1 (800) 548-8767
SOURCE Solar Power Efficiency Internet