Message #12 From:
NewsBot Date: February 22, 2008 04:29:31 PM
GiraSolar, Inc. Announces New USD 10.3 Million Supply Contract
GiraSolar, Inc. (Pink Sheets:GRSR stock message board forums), an internationally operating, broad
based solar energy company with a network of subsidiaries and affiliated
entities in the field of solar energy product development, production,
application and sales on four continents, today announces that it has
made the first of several deliveries on a USD 10.3 million supply
contract to a solar project developer in Spain.
James Miller, CEO of GiraSolar, Inc., stated: “We
believe that the entry into and execution of new supply contracts proves
that the GiraSolar group is able to maintain a strong position and
establish a national presence in Spain through its sales support branch
that was established last year, intensive networking and strategic
partners in the market, despite increased and intense competition on the
Spanish market since the Company’s entry in
2006.”
Prepayments have been received in full and the first significant
deliveries to Alternativa Energetica, a solar (PV) project developer in
Spain, have been made. Project installation is expected to progress
favorably during the coming months with follow-up deliveries planned
until the end of H1/08.
Wieland Koornstra, Chairman of GiraSolar, Inc. and CEO of GiraSolar BV,
added: “This particular contract to supply
system components is being announced now after we have completed our
first deliveries according to schedule. We are proud to have completed
this delivery on time especially since silicon, wafer, cell and module
supply remain stressed, primarily due to increased pressure from the
Spanish market because of deadlines to finish projects. While the
silicon supply crisis – relative to industry
demand – continues, we intend to maintain our
policy of announcing contracts upon the successful start of execution,
instead of upon signing contracts.”
This is our first Press Release on new or recent business achievements
that occurred during 2008. We have posted a President’s
Letter to Shareholders on our website (www.girasolar.com)
to update shareholders on 2007 and other previous events.
About GiraSolar Inc.
GiraSolar Inc. is a US holding company with its operational headquarters
located in Deventer, the Netherlands, through GiraSolar BV. It is an
umbrella organization for subsidiaries, partners and affiliated
entities, active in the field of solar energy product development,
production and application. GiraSolar's three subsidiaries consist of
100% owned DutchSolar B.V., 51% owned GiraSolar Turkey Ltd. Ste. (GST),
and 100% owned GiraMundo B.V. The group focuses with its business
activities on silicon, solar cells, solar modules and solar energy
systems. www.girasolar.com
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, that involve risks and uncertainties that could cause actual
events or results to differ materially from the events or results
described in the forward-looking statements. The forward-looking
statements are based on current expectations, estimates and projections
made by management. GiraSolar intends for the forward-looking statements
to be covered by the safe harbor provisions for forward-looking
statements. Words such as “anticipates,”
“expects,” “intends,”
“plans,” “believes’’
“seeks,” “estimates,”
or variations of such words are intended to identify such
forward-looking statements. All statements in this release regarding the
future outlook related to GiraSolar, including expectations and
statements as to a strong position and establishment of a national
presence in Spain and favorable project installations are
forward-looking statements. Additional uncertainties and risks are
described in GiraSolar’s most recently filed
SEC documents, such as its most recent annual report on Form 10-KSB, all
quarterly reports on Form 10-QSB and any current reports on Form 8-K
filed since the date of the last Form 10-KSB. Copies of these filings
are available through the SEC website at www.sec.gov.
All forward-looking statements are based upon information available to
GiraSolar on the date hereof. GiraSolar undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise
