Legend Investment Secures 6 Million Dollar Contract and Company to Change Name to GiraSolar Inc.
GiraSolar BV (OTC: LVCP message board, quote, dd, news) today announced that it secured a supply contract for delivery of solar modules and balance of system in Spain. The estimated gross revenue from this contract is approximately 5,000,000 Euros or approximately $ 6,000,000 USD.
The signed order, for which significant pre-payments have been received and shipping of first deliveries has commenced, is not only important in terms of revenue, but is also strategically important to the Company. In addition to the sale of the solar modules, the contract includes balance of system components, further strengthening GiraSolar's position in the Spanish market in general and the BOS market specifically.
Due to this additional multi-million dollar contract and the recently announced ingots contract, the Company is revising its revenue projections for the fiscal year ending September 30, 2006. Revenues for fiscal 05/06 are now projected to exceed $22 million.
Additionally, the Company's Board of Directors has voted to change the name of the Company to GiraSolar Inc. We expect to effect this name change in the next 60 days. The new name better reflects our solar energy and our operations base in Europe.
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 Spanish contract and the silicon ingot supplier relationship; the amount of revenue that can be derived from sales of products; 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.
