This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SPI Solar Announces Strategic Initiatives

SPI Solar (“SPI”) ( SOPW:OTCBB), a vertically integrated photovoltaic (“PV”) solar developer, today announced that after a thorough review of business and construction financing conditions in the solar industry that have impacted SPI, the management team and board of directors have determined that it is in the company’s best interest to more closely align its business operations with LDK Solar (NYSE:LDK), its parent company. As part of this realignment, the company plans to expand its project business in China while continuing operations in North America and Europe.

“We believe these initiatives will enable improved access to construction financing, provide continuity for SPI’s customers and help drive enhanced stockholder value for both companies,” said Xiaofeng Peng, chairman of the board of SPI and LDK. “SPI’s significant EPC experience will enable LDK to leverage greater international solar industry growth opportunities, particularly in China, while SPI continues to manage and grow its platform of U.S.-based solar energy facilities, which are primarily located in Hawaii and New Jersey at the present time.”

New Board Member and Global CEO Appointments:

The company also announced the appointment of two new members of the board of directors to replace Francis Chen and Dennis Wu, who have recently tendered their resignations from the board, as disclosed in SPI’s Form 10-Q for the second quarter ended June 30, 2013 and filed with the SEC on August 16, 2013. The new board members are Charlotte Xi, an experienced finance and operations executive, who most recently served as senior vice president of global operations for Canadian Solar, Inc., and Min Xiahou, who joined LDK Solar in May 2011. He serves as senior vice president of LDK Solar and the general manager of LDK Solar’s Solar Power System Division. Mr. Xiahou has extensive management experience in corporate strategy, operations, finance and public relations. He has also been appointed global chief executive officer of SPI, effective immediately. Steve Kircher, former chief executive officer and president of SPI since its inception in 2006, will continue to serve as the company’s chief strategy officer to focus on corporate strategies and business development.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs