DERE, to be renamed to Solarmag at the General Meeting on the 10th of August 2010, enters into a EUR 300 million acquisition of the right to build two manufacturing plants to produce thin film solar panels.

ID: 1018212
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(businesspress24) - DERE, to be renamed to Solarmag at the General Meeting on the 10th of August 2010, enters into a EUR 300 million acquisition of the right to build two manufacturing plants to produce thin film solar panels.

DERE has entered into a conditional agreement to acquire all the shares of Rivma Invest B.V. a Dutch company which has the exclusive rights from GS Energy, a Chinese company which manufactures production equipment for thin film solar panels, to build two manufacturing plants in Europe for production of thin film solar panels. The consideration of EUR300 million for the acquisition is to be satisfied by the issue of 30 billion new shares in the Company, fully paid.

Subject to the necessary financing being arranged, each factory is expected to be designed to have a manufacturing capacity of 100MW per annum, leading in due course to the Solarmag group having a total annual production capacity in-house of 200MW of thin film solar panels. These two factories which are planned to start production as of 2012 should substantially improve the annual financial result for the group. This should also have a very positive impact to increase the future market value of Solarmag (presently DERE). The cash cost of the acquisition and building of these two factories is currently estimated to be approximately Euro 300 million for the two factories combined, and the directors intend that the cash costs will be financed with bank loans. Solarmag’s total investment in the factories would therefore be EUR600 million, including the 30 billion shares at 1 euro cent per share to be issued on the acquisition of Rivma Invest B.V.

Rivma Invest B.V. is currently owned by the Company’s Chairman and CEO Lars-Erik Magnusson and accordingly the acquisition is conditional, inter alia, upon shareholders’ approval on August 10th, 2010 at the Company’s General Meeting.

Further information is contained in the circular to the shareholders for the General Meeting to be held on August 10th, 2010 which was announced and published Friday June 16th, 2010.



The new CEO and Chairman, Lars-Erik Magnusson said about the proposed acquisition of Rivma Invest B.V.

“This is a very important and exciting acquisition for Solarmag. Taking this with the acquisition of the two Spanish companies earlier in the year, we have made a significant step towards establishing Solarmag as a substantial company in the European solar market.“


The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.


Contacts:
Deutsche Environmental & Renewable Energy Plc
Lynton House
7-12 Tavistock Square
LONDON WC1H 9BQ
United Kingdom
Email: info(at)dere-group.com



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Date: 07/27/2010 - 09:19
Language: English
News-ID 1018212
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Firma: Dt.Environm.&Renew.Energy PLC
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