In addition, the core development team responsible for assembling and
executing on the solar project pipeline has joined the First Solar
development team. First Solar acquired all of OptiSolar's project
development business in an all-stock transaction valued at approximately
$400 million. As a result of the closing today, First Solar will issue
approximately 3 million shares of common stock representing a dilution
of about 3.5 percent. This is less than the approximate 5 percent
dilution expected when the acquisition was announced, due to recent
appreciation in the price of shares of the Company's common stock.
About First Solar
First Solar, Inc. (Nasdaq: FSLR) manufactures solar modules with an
advanced semiconductor technology and provides comprehensive
photovoltaic (PV) solutions that significantly reduce solar electricity
costs. By enabling clean, renewable electricity at competitive prices,
First Solar provides an economic and environmentally responsible
alternative to existing peaking fossil-fuel electric generation. First
Solar PV power plants operate with no water or air emissions, and no
waste stream. First Solar set the benchmark for environmentally
responsible product life cycle management by introducing the industry's
first comprehensive collection and recycling program for solar modules.
From raw material sourcing through end-of-life collection and recycling,
First Solar is focused on creating cost-effective renewable energy
solutions that protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com,
or www.firstsolar.com/media to
download photos.
For First Solar Investors
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. Some important risks specific to the acquisition
include the satisfaction of closing conditions for the acquisition and
the possibility that the transaction may not be completed, and potential
difficulties associated with integrating the acquired project businesses
into First Solar's existing operations. First Solar assumes no
obligation to update any forward-looking information contained in this
press release or with respect to the announcements described herein.
SOURCE: First Solar, Inc.