ROSEVILLE, Calif.--(BUSINESS WIRE)--Solar Power, Inc. (“SPI”) (OTCBB:SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced that it has entered into a non-binding memorandum of understanding (“MOU”) to subscribe for shares in Guocang Group Limited (“Guocang”)(559:HK). SPI contemplates injecting capital in an aggregate amount of HK$1.2 billion (approximately US$154.8 million) in Guocang, along with Mr. Choi Chiu Fai Stanley, a private investor and 19% shareholder of SPI, to enable Guocang to pursue opportunities of high growth potential in the solar energy business.
Pursuant to the terms and conditions as set out in the MOU, SPI and Mr. Choi contemplate to subscribe for a total of 38,277,511,960 shares in the capital of Guocang (“subscription”) at HK$0.03135 per share. Upon entry into a definitive subscription agreement and closing of the subscription, SPI and Mr. Choi will together own 91.42% of the entire issued share capital of Guocang.
The completion of the subscription is subject to certain conditions precedent, including entry into a definitive subscription agreement and satisfaction of the conditions therein, as well as obtaining certain waivers and approvals from regulatory authorities in Hong Kong and the Hong Kong Stock Exchange. SPI, Mr. Choi and Guocang have agreed to negotiate in good faith to facilitate entry into a definitive subscription agreement within 90 days from the date of the MOU or on a later date as determined by the parties.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Solar Power, Inc. (OTCBB:SOPW):
Solar Power, Inc. (“SPI”) (Solar Power, Inc.) is a vertically-integrated PV developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class PV energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: www.spisolar.com.
Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," “expects” or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.