GiraSolar Group Completes Cell Delivery to German Industry Partner and Completes First Shipment to Spain

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GIRASOLAR INC (GRSR.PK) is pleased to announce its subsidiary DutchSolar BV has completed a 1MWp cells supply obligation to a major German solar industry partner. DutchSolar BV overachieved on its projected supply of 1MWp with 16% in surplus of its obligations. Supply had initially begun with delays in December 05 and was expected to take well into H2 of 2006. The revenue value now exceeds well over 3M$ and payments have been received in full. It is expected that DutchSolar will continue the supply of cells to German counterparts and further cooperation will be sought. DutchSolar BV has also completed the first supply of two containers with solar products to Spain, following a previously announced supply contract with a strategic Spanish solar industry partner. The revenue value of this first supply equals approximately 10% of the total contract value of 6M$. The supply of materials to this project will continue as planned by DutchSolar BV. [ more ]


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