Solarfun Announces Sales Agreement With UB Garanty Project S.L. for 140MW of Photovoltaic Modules Tuesday January 16, 8:21 am ET
SHANGHAI, China--(BUSINESS WIRE)--Solarfun Power Holdings Co., Ltd. ("Solarfun") (NASDAQ: SOLF - News), an established manufacturer of photovoltaic (PV) cells and modules in China, today announced a significant new sales agreement. Under the terms of the agreement, Solarfun will sell approximately 140MW of photovoltaic modules to UB Garanty Project S.L. over the next three years. The contract is expected to have an estimated value of between US$40 million and US$50 million in 2007.
Mr. Yonghua Lu, Chairman and CEO of Solarfun commented, "I am pleased to announce this new contract with UB Garanty Project S.L. We believe it will expand our existing market share and enhance our brand name in Spain and we are confident that Solarfun will continue to penetrate high growth PV markets such as Spain, Italy and other emerging markets in Europe."
About Solarfun
Solarfun Power Holdings Co, Ltd., is an established manufacturer of both PV cells and PV modules in China.
Established in August 2004, Solarfun conducts substantially all of its business through its operating subsidiary in the People\'s Republic of China (PRC), Jiangsu Linyang Solarfun Co., Ltd., or Linyang China, and two majority-owned subsidiaries of Linyang China, Shanghai Linyang Solar Technology Co., Ltd., which provides system integration services in China, and Sichuan Leshan Jiayang New Energy Co., Ltd., a manufacturer of PV modules. Solarfun sells its products both through third-party distributors and directly to system integrators.
Safe Harbor Statement
Except for statements in respect of historical matters, the statements in this release contain "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of Solarfun to be materially different from what is stated or may be implied in such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors. For a list of these factors, please refer to Solarfun\'s filings with the U.S. Securities and Exchange Commission.
The forward-looking statements in this release reflect the current belief of Solarfun as of the date of this release and Solarfun undertakes no obligation to update these forward-looking statements for events or circumstances that occur after such date or to reflect the occurrence of unanticipated events.
Contact: Solarfun Power Holdings Co., Ltd. Kevin Wei Chief Financial Officer 26F BM Tower 218 Wusong Road Shanghai, 200080 P. R. China Tel: 8621-6393-8318 E-mail: kevinwei@solarfun.com.cn or Christensen Christopher Gustafson Tel: 800-366-968 / 1-602-980-0048 E-mail: cgus@ChristensenIR.com
-------------------------------------------------- Source: Solarfun Power Holdings Co., Ltd.
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