SOL Receives High Technology Status and Qualification
June 25 2009 - 10:49AM
UK Regulatory
TIDMSOLA
ReneSola Receives High Technology Status and Qualification for Reduced Income
Tax Rate
JIASHAN, China, June 25 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola"
or the "Company") (NYSE: SOL) (AIM: SOLA), 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.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )
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."
About ReneSola
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) and the AIM of the
London Stock Exchange (AIM: SOLA). 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 we describe what we "believe," "expect" or "anticipate" will
occur, what "will" or "could" happen, and other similar statements), you must
remember that our expectations may not be correct, even though we believe that
they are reasonable. We do 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 our
filings with the U.S. Securities and Exchange Commission, including our annual
report on Form 20-F. We undertake 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 our situation may
change in the future.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Ms. Julia Xu
Tel: +86-573-8477-3372
Email: julia.xu@renesola.com
Ogilvy Financial, Beijing
Mr. Derek Mitchell
Tel: +86-10-8520-6284
E-mail: derek.mitchell@ogilvy.com
In the United States:
Ogilvy Financial, New York
Ms. Jessica Barist Cohen
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvypr.com
In the United Kingdom:
Hanson Westhouse Limited, London
Mr. Tim Feather / Mr. Richard Baty
Tel: +44-20-7601-6100
Email: tim.feather@hansonwesthouse.com
richard.baty@hansonwesthouse.com
SOURCE ReneSola Ltd
END
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