DGAP-News: S.A.G. Solarstrom AG: Investor process is

DGAP-News: S.A.G. Solarstrom AG / Key word(s): Miscellaneous S.A.G. Solarstrom AG: Investor process is proceeding according to plan 28.04.2014 / 10:45 --------------------------------------------------------------------- S.A.G. Solarstrom AG: Investor process is proceeding according to plan - High level of investment interest from Asia, North America, Europe and Germany; final offers from selected interested parties expected in the next few weeks - Development of S.A.G. Solarstrom AG's international project pipeline continues unchanged - Realistic chance of continuation through successful cooperation between insolvency administrator, Executive Board and preliminary board of creditors Freiburg i. Br., April 28, 2014. The investor process initiated under the insolvency proceedings of S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) and supported by Roland Berger Strategy Consultants has so far gone according to plan. After submitting an initial indicative offer, selected interested parties have been provided with access to an extensive body of data since April 24, in order to submit a binding final offer in the next few weeks. Insolvency administrator Dr. Jörg Nerlich, the Executive Board and the preliminary board of creditors expect to be able to present clear future prospects by the creditors' meeting, which has been scheduled by the District Court of Freiburg for May 16, 2014. Meanwhile, development of the S.A.G. Solarstrom Group's international project pipeline will continue unchanged, to ensure the growth opportunities on the still strong-growing international photovoltaic market. S.A.G. Solarstrom AG thus has realistic chances of continuing the Group and safeguarding its jobs. "We have received a considerable number of expressions of interest over the last few weeks", says insolvency adminstrator Dr. Jörg Nerlich. "The offers are coming from Asia as well as Europe, North America and Germany. The majority of potential investors are showing interest in the company as a whole with all business areas, but we have also received offers for individual assets of the Group". The interested parties, which mainly include strategic investors as well as a number of financial investors, were requested to submit an initial indicative offer by mid-April in the course of the investor process which is being very professionally managed by Roland Berger Strategy Consultants. In a few well-founded individual cases, the deadline for submitting the initial offer was extended to the end of April. Since April 24, selected interested parties now have access to an extensive body of data with the relevant business documents, to finalize their binding offer on the basis of this in-depth information. "Together with Dr. Nerlich and the preliminary board of creditors, we have selected from the numerous expressions of interest those investors who strategically best suit the S.A.G. Solarstrom Group and thus offer very good opportunities for continuance", says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. "We are estimating that we will be able to present clear future prospects by the creditors' meeting on May 16". Delayed cash inflows expected by end of June The cash inflows in the amount of over EUR20 million that were expected in November and December 2013 and the delay of which ultimately led to the insolvency filing are still expected by the end of June. These include cash inflows from the conclusion of sale of German photovoltaic projects, from the sale of an Italian system portfolio and from the repayment of a loan that was guaranteed to an Italian project company. However, these cash inflows will not directly impact the insolvency process as S.A.G. Solarstrom AG announced at the end of November that it was expecting operating losses in business year 2014 due to the cancellation of a large project pipeline. In addition, the implementation of new plant construction projects has currently been put on hold due to the present insolvency and investor processes. Development of international project pipeline will continue However, in agreement with the insolvency administrator Dr. Jörg Nerlich and the preliminary board of creditors, S.A.G. Solarstrom AG's international pipeline has been secured and further developed in Spain, Latin America, Africa and the Caribbean, to name a few countries, through appropriate measures. With suitable recapitalization through a strategic investor, this project pipeline can then be implemented without major time delays. Realistic chance of continuance and retention of jobs "At this point, I would like to take this opportunity today to expressly thank all our employees and the Executive Board of the S.A.G. Solarstrom Group for their extremely high level of commitment and their close and trusting cooperation with the preliminary board of creditors and with myself", says insolvency administrator Dr. Jörg Nerlich. "With this commitment and the investor process which is being very professionally managed by Roland Berger Strategy Consultants, I am convinced that we will be successful in continuing the company together with a strategic investor. We have thus been able not only to retain around 170 jobs but will even be able to create new jobs again in the future". About S.A.G. Solarstrom AG S.A.G. Solarstrom AG (presently in insolvency proceedings) (German security identification number: 702 100, ISIN: DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent provider of photovoltaic plants configured to customers' individual needs. The Group constructs plants of all sizes both in Germany and abroad. S.A.G. Solarstrom AG also produces solar energy at its own plants. S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of photovoltaic plants, including forecast and energy services, yield reports, and remote service and maintenance, as well as insurance and financing. The Group thus offers a comprehensive value chain in photovoltaics, from yield reports, planning, construction, operations, and monitoring to optimization, repowering, and deconstruction. S.A.G. Solarstrom AG was founded in 1998. Around 170 specialists work at the four locations in Germany and the foreign subsidiaries. S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock Exchange as well as according to the rules and standards M:access of the Munich Stock Exchange. Further information: www.solarstromag.com Contact: S.A.G. Solarstrom AG (presently in insolvency proceedings) Sasbacher Straße 5 79111 Freiburg Germany www.solarstromag.com Public Relations / Investor Relations Jutta Lorberg phone: +49-(0)761-4770-311 e-mail: pr@solarstromag.com / ir@solarstromag.com End of Corporate News --------------------------------------------------------------------- 28.04.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: S.A.G. Solarstrom AG Sasbacher Str. 5 79111 Freiburg Germany Phone: + 49 761 4770 0 Fax: + 49 761 4770 555 E-mail: mail@solarstromag.com Internet: www.solarstromag.com ISIN: DE0007021008, DE000A1E84A4, DE000A1K0K53, WKN: 702100, A1E84A, A1K0K5 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München (m:access), Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 264960 28.04.2014