Solar Power, Inc. (“SPI”) (OTCBB: SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced that it has entered into a Settlement and Mutual Release with LDK Solar International Company Limited (“LDK HK”), pursuant to which LDK HK agreed to release and discharge SPI from all actions, claims, demands, damages, obligations, liabilities, controversies and executions arising out of SPI’s payables to LDK HK and its subsidiaries, in exchange for an aggregate settlement amount of $11,000,000 (the “settlement arrangement”).
Pursuant to the Settlement and Mutual Release, the $11,000,000 will be paid in installments before December 31, 2016 in accordance with a certain agreed schedule (which may be extended upon mutual agreement). LDK HK is entitled to revoke the settlement arrangement if payment of any said installment is in default for more than 30 days.
About Solar Power, Inc. (OTCBB:SOPW):
Solar Power, Inc. (“SPI”) 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.
