ReneSola Ltd.: High Technology Status and Qualification for Reduced Income Tax Rate
JIASHAN, China, June 25 / ReneSola Ltd ("ReneSola" or the "Company"), a leading global manufacturer of solar wafers, today announced that its operating subsidiary, Zhejiang Yuhui Solar Energy Source Co., Ltd., ("Zhejiang Yuhui"), has qualified as a high technology enterprise in China. The classification allows the Company to enjoy a reduced income tax rate of 15% for three years, starting on January 1, 2009. The 15% tax rate applicable to Zhejiang Yuhui replaces the 25% statutory tax rate that the Company will be subject to once the current tax concession expires.
Classification as a high technology enterprise is awarded to companies which meet specific requirements as determined by the central government, including the number of patents and proprietary technologies the enterprise has in addition to the size and expenditure of its R&D facilities.
"We are delighted to be recognized as a high technology enterprise and become one of the select solar companies in China to receive such a qualification," commented Mr. Xianshou Li, ReneSola's chief executive officer. "From China's central to provincial governments, we are seeing an increased focus and commitment on creating incentives for the development of clean, renewable energy such as solar power. As one of China's leading low-cost, fully-integrated solar companies, we are confident that we are well positioned to play a leading role in helping China achieve its goal of a greener future."
ReneSola Ltd ("ReneSola") is a leading global manufacturer of solar wafers based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola manufactures monocrystalline and multicrystalline solar wafers. In addition, ReneSola strives to enhance its competitiveness through upstream integration into virgin polysilicon manufacturing. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are currently traded on the New York Stock Exchange (NYSE: SOL - News) and the AIM of the London Stock Exchange (AIM: SOLA). For more information about ReneSola, please visit http://www.renesola.com .
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