5N Plus Inc. Extends Supply Agreements with First Solar, Increases Minimum Quantities to be Ordered and Amends Definition of "Change of Control"
18:00 EDT Wednesday, August 27, 2008
MONTREAL, Aug. 27 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) today announced the extension of its supply agreement with First Solar, Inc. pursuant to which 5N Plus provides cadmium telluride and cadmium sulphide to First Solar from 5N Plus' Montreal facility. 5N Plus Inc. also announced the extension of its supply agreement with First Solar Inc., relating to the supply of similar product from 5N Plus' German facility, which agreement is subject to the execution of notarized documents in accordance with German law. Pursuant to these amendments, the previous supply agreements are being extended until July 31, 2012, representing approximately one additional year.
The agreements are being amended to increase by 50% the minimum prescribed quantities of cadmium telluride to be ordered by First Solar for most of the remaining term of the agreements. In addition, the definition of "change of control", which allows First Solar to exercise a purchase option over 5N Plus' German assets in certain circumstances, are being materially amended, such that a "change of control" will now occur only when a party acquires 50% or more of the issued and outstanding shares of 5N Plus.
About 5N Plus Inc.
5N Plus draws its name from the purity of its products, 99.999% (five nines or 5N) and more. 5N Plus, which has its head office in Montreal, Quebec, develops and produces high-purity metals and compounds for electronic applications and provides its customers with recycling solutions. The Company is an integrated producer with both primary and secondary refining capabilities. 5N Plus focuses on specialty metals such as tellurium, cadmium and selenium and on related compounds such as cadmium telluride and cadmium sulphide. The Company's products are critical precursors in a number of electronic applications, including the rapidly-expanding solar (thin-film photovoltaic) market, for which 5N Plus is a major supplier of cadmium telluride, and the radiation detector market.
Additional information about 5N Plus is available on its Web site at www.5nplus.com.
