Business Services Industry
GT Solar International, Inc. Comments on LDK Relationship
Business Wire, July 25, 2008
MERRIMACK, N.H. -- GT Solar International, Inc. (NASDAQ: SOLR) today issued the following statement concerning the announcement by LDK Solar that it has signed a contract to purchase JYT multicrystalline and monocrystalline furnaces. According to the announcement, LDK Solar has been granted the exclusive right by JYT to purchase furnaces for the contract period, which extends through 2010.
Bob Woodbury, chief financial officer for GT Solar International, Inc. made the following statement.
"This announcement by LDK does not in any way impact GT Solar's backlog, nor do we believe it will have any effect on our internal targets or projections. In fact, LDK Solar's total orders represent less than 20 percent of our current backlog. Moreover, LDK's furnace orders represent less than eight percent of our current backlog.
"Additionally, GT Solar has and will continue to diversify its customer base. LDK Solar remains an important customer, and we continue to negotiate with them for future equipment needs related to multicrystalline furnaces and silicon reactors."
About GT Solar International, Inc.
GT Solar International, Inc. (NASDAQ: SOLR) is a leading global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon. The company's principal products are directional solidification systems and chemical vapor deposition reactors and related equipment.
Forward-Looking Statement
Some of the statements that we make in this press release are forward looking in nature. These statements are based on management's current expectations or beliefs. These forward looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside our control, which could cause actual events to differ materially from those expressed or implied by the statements. These factors may include our inability to manage our expansion effectively, our dependence on a small number of customers and suppliers, our limited number of products, the possibility of product liability claims, our inability to protect our intellectual property rights, increased competition from other manufacturers of equipment for PV products, risks associated with doing business in foreign countries and various other risks as outlined in GT Solar International, Inc.'s filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors. GT Solar International, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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