GiraSolar Secures Critical Silicon Supply Contract
Company Positioned for Significant Revenues
GiraSolar BV (OTC: LVCP message board, quote, dd, news) today announced that it has secured a contract to supply ingots to the company from a German supplier. The contract represents for GiraSolar, when used in its products, an estimated gross revenue of approximately $30 million.
Ingots are an intermediate crystalline product made from very pure silicon. The silicon crystal ingots are sliced into wafers from which solar cells are made that are used to construct crystalline solar panels. Silicon has been in short supply in the solar industry.
"We are pleased with the market opportunities that we are seeing on a regular basis. The foundation for continued growth gets stronger with each order. We have also been aided by our status as a public company in securing new opportunities," said Wieland Koornstra, President of GiraSolar BV.
In addition, Koen Dirven, COO of GiraSolar stated: "The modules we will make with the cells produced from these ingots should induce sales revenue of over $ 30 million for a period of 12 months following first shipment of material in early April 2006. With this contract, we continue on track with our target to be profitable in 2006 and allowing us access to critical raw materials through a significant part of 2007."
This press release contains forward-looking statements within the meaning of federal securities laws. The Company cautions you that any statements contained in this press release which are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, those related to Company's expectations regarding the anticipated benefits of the silicon ingot supplier relationship; the amount of revenue that can be derived from sales of products with these ingots; the Company's plans regarding the solar power market; the Company's distribution capabilities; the Company's position in the solar power market; and the Company's future revenue growth, and the Company's ability to achieve profitable operations. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. (copies of which may be obtained at the SEC's website at: http://www.sec.gov ) -- could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Source: Market Wire (March 8, 2006 - 9:04 AM EST)
