XINYU CITY, China and SUNNYVALE, Calif., June 13 /PRNewswire-FirstCall/ --LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystallinesolar wafers, today announced that it has signed a five-year contract tosupply multicrystalline solar wafers to China-based Jiangxi Solar PVCorporation (JSPV). Under the terms of the agreement, LDK Solar will deliverapproximately 70 MW of multicrystalline solar wafers to JSPV, a new venturecreated by US-based Solar PV Corporation, over a five-year period commencingin 2009 through 2013. JSPV will make an advanced payment representing aportion of the contract value to LDK Solar.
'We are excited to enter this long-term wafer supply agreement withJiangxi 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 tobegin this strategic partnership and aid in the development of more solar PVcompanies in Jiangxi.'
'We are very pleased to enter into this agreement with LDK Solar to securequality solar wafers,' commented C. Chang, Chief Executive, Solar PVCorporation. 'We look forward to a long-term relationship with LDK Solar as wework toward rapidly increasing our scale of operations and capacity to assumea leadership position.'
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solarwafers, which are the principal raw material used to produce solar cells. LDKsells multicrystalline wafers globally to manufacturers of photovoltaicproducts, including solar cells and solar modules. In addition, the Companyprovides wafer processing service to monocrystalline and multicrystallinesolar cell and module manufacturers. LDK's headquarters and manufacturingfacilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxiprovince in the People's Republic of China. The Company's office in the UnitedStates 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'sbusiness office and manufacturing facility are located in Xingyu, Jiangxi,China. The production in Xingyu is scheduled to begin in the first quarter of2009.
Safe Harbor Statement
This press release contains forward-looking statements within the meaningof the safe harbor provisions of the Private Securities Litigation Reform Actof 1995. All statements other than statements of historical fact in thisannouncement are forward-looking statements, including but not limited to, theCompany's ability to raise additional capital to finance the Company'sactivities; the effectiveness, profitability, and marketability of itsproducts; the future trading of the securities of the Company; the ability ofthe Company to operate as a public company; the period of time for which itscurrent liquidity will enable the Company to fund its operations; theCompany's ability to protect its proprietary information; general economic andbusiness conditions; the volatility of the Company's operating results andfinancial condition; the Company's ability to attract or retain qualifiedsenior management personnel and research and development staff; and otherrisks detailed in the Company's filings with the Securities and ExchangeCommission. These forward-looking statements involve known and unknown risksand uncertainties and are based on current expectations, assumptions,estimates and projections about the Company and the industry. These statementsare based upon information available to LDK's management as of the datehereof. Actual results may differ materially from the anticipated resultsbecause of certain risks and uncertainties. The Company undertakes noobligation to update forward-looking statements to reflect subsequentoccurring events or circumstances, or changes in its expectations, except asmay be required by law. Although the Company believes that the expectationsexpressed in these forward-looking statements are reasonable, they cannotassure you that their expectations will turn out to be correct, and investorsare cautioned that actual results may differ materially from the anticipatedresults.
SOURCE LDK Solar Co., Ltd.
