SOLA Renesola

 
TIDMSOLA 
 
ReneSola Files Annual Report on Form 20-F and Announces Adjustments to 
Unaudited Fourth Quarter and Full Year 2009 Financial Results 
 
    JIASHAN, China, June 8 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd 
("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global 
manufacturer of solar wafers and producer of solar power products based in 
China, today announced that it filed its Annual Report on Form 20-F for the 
year ended December 31, 2009 with the U.S. Securities and Exchange 
Commission on June 7, 2010. The Company also announced that since the March 
10, 2010 issuance of its earnings release for the unaudited results as of 
and for the three months and the year ended December 31, 2009, as amended 
on May 10, 2010, the Company made an additional non-recurrent, non-cash 
adjustment related to its ownership of an equity interest in a polysilicon 
manufacturer whose shares are traded on the Toronto Stock Exchange. 
    (Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 ) 
    At the time of its earnings release, the Company believed it had made 
the correct determination of the fair value of the investee based on 
available information. However, due to the continued decline in fair value 
and a private placement by the investee subsequent to year end, the Company 
recorded an other than temporary impairment loss of $13.4 million for the 
three months and the year ended December 31, 2009 in non-operating expenses 
as other-than-temporary impairment loss of available-for-sale investment. 
Among other changes, the adjustment of $13.4 million of the Company's non- 
operating expenses would increase its net loss from $60.8 million to $71.9 
million and increase its loss per share (both basic and diluted) from $0.41 
to $0.49 for the year ended December 31, 2009, and would increase its net 
loss from $17.0 million to $28.1 million and increase its loss per share 
(both basic and diluted) from $0.10 to $0.16 for the three months ended 
December 31, 2009. In addition, the adjustment from $12.5 million to $6.2 
million for its available-for-sale investment would decrease the Company's 
total equity from $400.3 million to $396.3 million as of December 31, 2009. 
    The Company included the adjusted financial results in its Annual 
Report on Form 20-F for the year ended December 31, 2009 filed today with 
the U.S. Securities and Exchange Commission. An electronic copy of the 
Annual Report on Form 20-F can be accessed on ReneSola's investor relations 
website at http://ir.renesola.com . 
    ReneSola will post a hard copy of its annual report to its shareholders. 
The Company will also provide ADS holders with hard copies free of charge 
upon request. Requests should be directed to ir@renesola.com or by mail to 
ReneSola Ltd, Attn: Ms. Feng Qi, No.98 Yiqun Road, Yaozhuang Industrial 
Park, Jiashan County, Zhejiang Province, People's Republic of China, 314117. 
 
    About ReneSola 
    ReneSola is a leading global manufacturer of solar wafers and producer 
of solar power products based in China. Capitalizing on economies of scale, 
low-cost production capabilities and technological innovations, 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 OEM services. The Company 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 
traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London 
Stock Exchange (AIM: SOLA). 
 
    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: 
 
    In China: 
 
     Ms. Feng Qi 
     ReneSola Ltd 
     Tel:   +86-573-8477-3903 
     Email: feng.qi@renesola.com 
 
     Mr. Derek Mitchell 
     Ogilvy Financial, Beijing 
     Tel:   +86-8520-6284 
     Email: derek.mitchell@ogilvy.com 
 
    In the United States: 
 
     Ms. Jessica Barist Cohen 
     Ogilvy Financial, New York 
     Tel:   +1-646-460-9989 
     Email: jessica.cohen@ogilvypr.com 
 
    In the United Kingdom: 
 
     Mr. Tim Feather / Mr. Richard Baty 
     Westhouse Securities Limited, London 
     Tel:   +44-20-7601-6100 
     Email: tim.feather@westhousesecurities.com 
            richard.baty@westhousesecurities.com 
 
SOURCE  ReneSola Ltd 
 
 
 
 
END 
 

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