| LDK Solar Signs a Five-Year Wafer Supply Agreement With Solar PV Corporation |
XINYU CITY, China and SUNNYVALE, Calif., June 13 /PRNewswire-FirstCall/ --
LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline
solar wafers, today announced that it has signed a five-year contract to
supply multicrystalline solar wafers to China-based Jiangxi Solar PV
Corporation (JSPV). Under the terms of the agreement, LDK Solar will deliver
approximately 70 MW of multicrystalline solar wafers to JSPV, a new venture
created by US-based Solar PV Corporation, over a five-year period commencing
in 2009 through 2013. JSPV will make an advanced payment representing a
portion of the contract value to LDK Solar.
"We are excited to enter this long-term wafer supply agreement with
Jiangxi Solar PV as they launch a new venture within the Jiangxi Province,"
stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "We are very pleased to
begin this strategic partnership and aid in the development of more solar PV
companies in Jiangxi."
"We are very pleased to enter into this agreement with LDK Solar to secure
quality solar wafers," commented C. Chang, Chief Executive, Solar PV
Corporation. "We look forward to a long-term relationship with LDK Solar as we
work toward rapidly increasing our scale of operations and capacity to assume
a leadership position."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar
wafers, which are the principal raw material used to produce solar cells. LDK
sells multicrystalline wafers globally to manufacturers of photovoltaic
products, including solar cells and solar modules. In addition, the Company
provides wafer processing service to monocrystalline and multicrystalline
solar cell and module manufacturers. LDK's headquarters and manufacturing
facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi
province in the People's Republic of China. The Company's office in the United
States is located in Sunnyvale, California.
About Jiangxi Solar PV Corporation
Jiangxi Solar PV Corporation is in the business of development,
manufacturing and marketing wafer-based solar cells. Incorporated in Jiangxi,
China and a wholly owned subsidiary of US-based Solar PV Corporation, JSPV's
business office and manufacturing facility are located in Xingyu, Jiangxi,
China. The production in Xingyu is scheduled to begin in the first quarter of
2009.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact in this
announcement are forward-looking statements, including but not limited to, the
Company's ability to raise additional capital to finance the Company's
activities; the effectiveness, profitability, and marketability of its
products; the future trading of the securities of the Company; the ability of
the Company to operate as a public company; the period of time for which its
current liquidity will enable the Company to fund its operations; the
Company's ability to protect its proprietary information; general economic and
business conditions; the volatility of the Company's operating results and
financial condition; the Company's ability to attract or retain qualified
senior management personnel and research and development staff; and other
risks detailed in the Company's filings with the Securities and Exchange
Commission. These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. These statements
are based upon information available to LDK's management as of the date
hereof. Actual results may differ materially from the anticipated results
because of certain risks and uncertainties. The Company undertakes no
obligation to update forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the expectations
expressed in these forward-looking statements are reasonable, they cannot
assure you that their expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the anticipated
results.
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