SHANGHAI, June 14,
2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company")
(www.renesola.com) (NYSE: SOL), a leading fully
integrated solar project developer and provider of energy-efficient
products, today announced that its board of directors (the
"Board") has received a preliminary non-binding
proposal ("Proposal"), dated June 13,
2017, from Mr. Xianshou Li, the Company's Chairman and Chief
Executive Officer ("Mr. Li"), to acquire the Company's
manufacturing business (including polysilicon, solar wafer and
solar module manufacturing) and LED distribution business
(together, the "Acquired Businesses") and assume related
indebtedness. The Proposal estimates the value of the Acquired
Businesses, net of assumed indebtedness, to be approximately
negative US$81 million, and contemplates that in
exchange for, among other things, the assumption by Mr. Li of such
indebtedness, the Company would issue additional American
depositary shares (each representing 10 shares of the Company,
"ADS") to Mr. Li at US$4.50 per ADS. If
the transactions contemplated by the Proposal are consummated, the
Company's remaining businesses would be focused primarily on
solar project development.
The Board has formed a special committee consisting of Mr.
Martin Bloom, Mr. Tan Wee Seng, Ms. Julia
Xu and Mr. Weiguo Zhou, each
an independent director, to consider the Proposal and other
alternatives available to the Company, and has granted the special
committee the authority to consider, review, evaluate and, if
appropriate, negotiate a strategic transaction on behalf of the
Company, in order to maximize shareholder value. The
special committee will conduct this process with the assistance of
financial advisor and legal counsel.
The Board cautions the Company's shareholders and others
considering trading the Company's securities that the Board has
just received the Proposal and has not had an opportunity to
carefully review and evaluate the Proposal or make any decision
with respect to the Company's response to the Proposal. There can
be no assurance that any definitive offer will be made, that any
definitive agreement will be executed relating to the proposed
transaction or that this or any other transaction will be approved
or consummated. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable law.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand and
technology provider of energy efficient products. Leveraging its
global presence and expansive distribution and sales network,
ReneSola is well positioned to provide its highest quality green
energy products and on-time services for EPC, installers, and green
energy projects around the world. For more information, please
visit www.renesola.com.
Safe Harbor Statement
This press release contains statements that 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. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. The Company does not guarantee that the
forward-looking statements will happen as described or that they
will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements is included in the
Company's filings with the U.S. Securities and Exchange Commission,
including the Company's annual report on Form 20-F. The Company
undertakes no obligation, beyond that required by law, to update
any forward-looking statement to reflect events or circumstances
after the date on which the statement is made, even though the
Company's situation may change in the future.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Ms. Rebecca
Shen
+86 (21) 6280-9180
x106
ir@renesola.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138)
1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415)
489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.