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Wednesday, March 08, 2006 1:02:15 PM
Wednesday March 8, 9:04 am ET
Company Positioned for Significant Revenues
DEVENTER, THE NETHERLANDS--(MARKET WIRE)--Mar 8, 2006 -- GiraSolar BV (Other OTC:LVCP.PK - News) today announced that it has secured a contract to supply ingots to the company from a German supplier. The contract represents for GiraSolar, when used in its products, an estimated gross revenue of approximately $30 million.
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Ingots are an intermediate crystalline product made from very pure silicon. The silicon crystal ingots are sliced into wafers from which solar cells are made that are used to construct crystalline solar panels. Silicon has been in short supply in the solar industry.
"We are pleased with the market opportunities that we are seeing on a regular basis. The foundation for continued growth gets stronger with each order. We have also been aided by our status as a public company in securing new opportunities," said Wieland Koornstra, President of GiraSolar BV.
In addition, Koen Dirven, COO of GiraSolar stated: "The modules we will make with the cells produced from these ingots should induce sales revenue of over $ 30 million for a period of 12 months following first shipment of material in early April 2006. With this contract, we continue on track with our target to be profitable in 2006 and allowing us access to critical raw materials through a significant part of 2007."
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