ReneSola Ltd: Share repurchase program in progress
Jiashan, China - ReneSola Ltd, a leading global manufacturer of solar products, today announced that the Company and its chief executive officer, Mr. Xianshou Li, repurchased an aggregate of 1,716,964 of ReneSola's outstanding ordinary American depositary shares ("ADSs"). The Company purchased 645,424 ADSs in accordance with its share repurchase program established in August 2011, while Mr. Li separately purchased 1,071,540 ADSs.
As announced previously, under the program the Company may from time to time over a period of six months, depending on market conditions, share price and other factors purchase on the open market or in privately negotiated transactions up to US$100 million in aggregate value of the Company's outstanding ordinary shares. ReneSola's management may also acquire shares in the open market during open trading windows.
Mr. Xianshou Li commented, "At present, we believe our stock is considerably undervalued. We believe our fundamentals are strong, and our business has been bolstered by our new Virtus wafer technology and increasing in-house production of polysilicon. Moreover, we maintain a positive long-term view on the solar industry as a whole, despite near-term fluctuations and challenges. Our swift move to repurchase our stock demonstrates our confidence in the long-term success of our business. Should the opportunity arise, we will continue to utilize our strong cash position to repurchase our shares in order to maximize shareholder value and reaffirm the market of our leadership position in wafer and solar manufacturing."
ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, low-cost production capabilities and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and processing services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola's ADSs are traded on The New York Stock Exchange (NYSE:SOL - News). For more information about ReneSola, please visit http://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," "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:
Mr. Tony Hung
ReneSola Investor Relations
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York