TGI Solar Creates Joint Venture SOLAR POWER CHINA CORPORATION LTD(HK)
December 02 2008 - 9:46AM
Marketwired
TGI Solar Power Group Inc. (PINKSHEETS: TSPG), a turnkey supplier
of vertically integrated solar systems for a variety of
applications ranging from Solar Parks (solar to grid) to commercial
markets, today announced it has formed a joint venture with Hong
Kong-based Oriental Energy Group Ltd. (OEG) to target China's
renewable energy market, under the name SOLAR POWER CHINA
CORPORATION LTD.
"TGI and OEG have signed a memorandum of understanding (MOU)
that outlines plans for cooperation and takes advantage of the
first to market position. JV is looking to get 8 to 10 cities
started simultaneously," said Ying Wang, Managing Director of the
newly created joint venture. "We are in process of signing LOI for
project financing with the following local governments: Shenzhen,
Sanya, Liuzhou, Zhanjiang, Wenzhou, Foshan, Dongguan, Tulufan,
Leting and Nanning."
The agreement also includes plans to include two manufacturing
facilities of 40 MW of thin film panels utilizing Solar Thin Films,
Inc. (SLTN), a developer, manufacturer and marketer of
manufacturing equipment for the production of "thin-film" amorphous
silicon photovoltaic modules, TGI's affiliated company.
"We are excited to be working with Oriental Energy. This project
will pave the way for solar installations throughout China," said
Billy Lieberman, President of TGI Solar.
About TGI SOLAR
TGI Solar (TSPG) is a provider of manufacturing equipment and
turnkey manufacturing solutions to the photovoltaic (PV) industry.
The Company's products and solutions are used for production of
solar grade polysilicon, manufacturing of multi-crystalline silicon
wafers, production of solar cells and assembly of complete modules.
The firm provides facility and process design and integration
know-how with its equipment. The Company offers its products and
services to PV product manufacturers on a worldwide basis and a
substantial percentage of its sales are to customers outside the
United States.
Forward-Looking Statements
Safe Harbor Statements under the Private Securities Litigation
Reform Act of 1965: Those statements contained herein which are not
historical are forward-looking statements, and as such, are subject
to risks and uncertainties that could cause actual operating
results to materially differ from those contained in the
forward-looking statements. Such statements include, but are not
limited to, certain delays that are beyond the company's control,
with respect to market acceptance of new technologies, or product
delays in the testing and evaluation of products, and other risks,
as detailed in the company's periodic filings with the Securities
and Exchange Commission.
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Contact: TGI SOLAR POWER GROUP INC. Billy Lieberman
1-888-766-6527 David Zazoff 212-505-5976
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