SHANGHAI, Feb. 6, 2015 /PRNewswire/ -- Hanwha SolarOne Co.,
Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global
photovoltaic manufacturer of high-quality, cost-competitive solar
modules, today announced it has acquired 100% of the outstanding
share capital of Hanwha Q CELLS Investment Co., Ltd ("Q CELLS")
from Hanwha Solar Holdings Co., Ltd. ("HSH") in an all-stock
transaction.
The transaction was approved by shareholders at the
extraordinary general meeting of Hanwha SolarOne held on
February 4, 2015, and was consummated
today, February 6, 2015. Hanwha
SolarOne has issued approximately 3.7 billion of its ordinary
shares (the equivalent of approximately 740.2 million American
Depositary Shares of Hanwha SolarOne) to HSH, as described in the
shareholder circular furnished to the United States Securities and
Exchange Commission dated December 24,
2014, as supplemented on January 23,
2015 (the "Circular").
In addition, the Company has obtained the necessary corporate
approvals to change its name to "Hanwha Q CELLS Co., Ltd." and its
NASDAQ trading symbol to "HQCL". Both will become effective on
NASDAQ February 9, 2015. The
company's headquarters will now be located in Seoul, South Korea.
Mr. Seongwoo Nam, chairman and
chief executive officer of Hanwha SolarOne commented, "We believe
the merger of Hanwha SolarOne and Hanwha Q CELLS will create a
number of synergies and provide us with a much strengthened
presence and competitive position in the global PV market. We plan
to carefully manage the integration of the two companies, which
have been benefitting in recent years from Hanwha's strategic
support and the larger Hanwha culture."
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ:HSOL) is one of the top 10
photovoltaic module manufacturers in the world, providing
cost-competitive, high quality PV modules. It is a flagship
company of Hanwha Group, one of the largest business enterprises in
South Korea. Hanwha SolarOne
serves the utility, commercial, government and residential
markets through a growing network
of third-party distributors, OEM manufacturers and system
integrators. The company maintains a strong presence worldwide,
with a global business network spanning Europe, North
America, Asia, South America, Africa and the Middle East. As a
responsible company committed to sustainability, Hanwha SolarOne is
an active member of the PV Cycle take-back and recycling program.
On December 8, 2014, Hanwha
SolarOne announced the entry into definitive documents for the
acquisition of Q CELLS in an all-stock transaction, which closed on
February 6, 2015. See Hanwha
SolarOne's historical filings with the SEC for additional
information regarding this transaction. For more information,
please visit: http://investors.hanwha-solarone.com.
Forward-Looking Safe-Harbor Statement
This press release contains forward-looking statements. These
statements 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. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in Hanwha
SolarOne's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F and the
Circular. Except as required by law, the Company does not undertake
any obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
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SOURCE Hanwha SolarOne Co., Ltd.