Since I started asking Sunways AG (FRA:SWW) questions about Schmid Silicon Technology: Schwarze Pumpe production delayed until 2010, “Sunways AG: Projects with Schmid and Solarvalue discontinued” was the double shot press release issued in response Wednesday, March 25, 2009.

Sunways has switched to a new polysilicon supply strategy based on a blend of long term supply contracts and spot market purchases. Sunways AG shares jumped 34.84% to €2.09 as investors welcomed the news.

Schmid Silicon Technology GmbH

Noting that polysilicon production is no longer a “strategically and economically reasonable option for Sunways”, Sunways’ down payment on a polysilicon production line has been refunded by Schmid Silicon Technology (SST). Sunways will “observe the project’s further development.”

Solarvalue AG (FRA:SV7)

Regarding Solarvalue, Sunways said:

In addition, Sunways AG terminated the development cooperation with Solarvalue AG also started in late 2007. The objective of this cooperation was the production of high quality solar cells based on metallurgical silicon. Within the agreed development period, Sunways did not, as originally planned, receive raw materials from Solarvalue AG for test solar cell production runs.

Sunways also said, “No further obligations of any kind will arise to Sunways AG from the termination of these two projects.”

Sunway entered into the SST deal when spot polysilicon prices were at their peak and now terminates when spot prices appear ready to test long term contract prices. As grid parity approaches, will Sunway regret missing the third leg of a polysilicon supply triad? Perhaps Sunways just needed to increase liquidity for solar project financing during the economic malaise?

By contrast, the Solarvalue contract termination is no surprise. I hear process development may have halted at this point. The recent departure of Chief Technology Officer Dr. Julio Bragagnolo is just another symptom of larger financial problems (please see “Solarvalue reduces number of board members”). God only knows why Solarvalue AG shares almost tripled to €0.54 up over 184% the same day. I suspect I might be writing a Solarvalue post mortem in the near future.

I publish a full RSS feed to encourage new Blog readers and subscribers. However, unscrupulous websites such as Eco Friendly Mag (no link provided with intent) strip the Author and Blog source information, republish the feed, and act as though the content is their own. The benefits of a full RSS feed far outweigh the occasional rogue website. But why does Google rank these rogue websites so well in their search results?

©2010 GUNTHER Portfolio. All Rights Reserved.

It’s been 179 days since my last Solarvalue AG (FRA:SV7) post. I hinted at a Ruše Surprise repeat in my last post, Solarvalue produces Solar Grade Silicon sample material. My hint became truth with “Solarvalue reorganizes planning cycle; Deferment in industrial production ramp up” (Deutsch) earlier this month.

Key points from the production deferment press release include:

• Solarvalue now plans to build a test furnace enabling delivery of some hundred kilogram samples to potential customers.
• John Mott said: “To reduce the phosphor level we use unidirectional solidification. To lower boron concentration we use a slagging technique. Both processes work properly, however, we did not achieve all target specifications yet.” (underline added)
• Solarvalue AG CEO Claudia Boehringer said: “It is very unlikely that we will start industrial production in 2008. With our limited funds we are able to finance the planned test furnace. However, we are currently not able to finance the planned initial production capacity of 1,000 metric tons per year.”
• “Based on the adjusted monthly burn rate we expect to have sufficient liquidity until mid of 2009.”

This Handelsblatt.com article, “Unreines Silizium sorgt für saubere Energie” (German only), by Sascha Rentzing had poor timing just days before the Solarvalue production deferment announcement.

These press releases:

“Issuing of „bonus shares“ will become effective tomorrow” (Deutsch)
“Approval proceeding won, final decision, Shareholders’ meeting resolution entered in the commercial register” (Deutsch)

announced the final regulatory approval of a capital increase from company assets already approved by shareholders at the Solarvalue AG Annual Shareholders’ Meeting on March 28, 2008. Frau Boehringer also said:

The capital increase planned for 2008 could not be performed due to a law suit initiated by one shareholder with one share and the unexpected financial market crisis that significantly lowered the Solarvalue share price.

And there are two new entries by John Mott in NEWS FROM RUSE – THE BLOG (Deutsch). Reading between the lines, it looks like Boron removal may still be a challenge for Solarvalue.

Solarvalue post split shares traded early in the €0.41 to €0.99 range in Frankfurt or visit XETRA:SV7 for the latest quote.

©2010 GUNTHER Portfolio. All Rights Reserved.

The sample material is about four to five months later than expected.

In Solarvalue Achieves Important Milestone for Silicon Feedstock Production (Deutsch), Solarvalue AG (FRA:SV7) claimed:

its Silicon Feedstock Pilot Facility located in the United States is now fully operational and that silicon has successfully been processed and purified. Initial analysis show that the innovative process using tailor made equipment is able to reduce impurities by using unidirectional solidification.

This milestone was achieved about two months after the “Small scale production laboratory”, morphed into the “Silicon Feedstock Pilot Facility”, began operations as described in the previous post, Solarvalue AG Solar Grade Silicon sample Lab “Oratory”.

Here are some key points to consider regarding this milestone:

• The “Pilot Facility” capacity remains on the order of 10’s of kilograms scale.
• The sample material was tested at an unnamed “well known independent materials characterization laboratory in the United States”.
• The sample material has not been used to make silicon solar cells.

Solarvalue concludes:

These encouraging results complete the requirements for the upcoming milestone of Solarvalue to transfer its innovative production process to the company-owned industrial scale production plant in Ruse, Slovenia, in the second half of 2008.

Are circumstances unfolding for a 2008 repeat of Ruše Surprise: Solarvalue delays Solar Grade Silicon production?

Optimistic, speculative Solarvalue shareholders sent the stock up about €10 on this delayed milestone. Contrast this stock action to Timminco Limited (TSE:TIM) which is under siege by the financial press and short sellers.

And Clean Edge editorial picks has named GUNTHER Portfolio as a Top 10 Blog in the clean-tech space. Muchas gracias!

©2010 GUNTHER Portfolio. All Rights Reserved.

Solarvalue issues Annual Report for 2007: Small scale production laboratory starts operations – prove of process abiliy initiated (Deutsch) was the news yesterday, February 28, 2008, from Solarvalue AG (FRA:SV7).

Solarvalue AG Chairman and CEO Claudia Boehringer said:

In the last few months we have built our own laboratory size production facility in the US. This facility has recently started operations directed at testing metallurgical grade silicon from a variety of potential suppliers, as well as evaluating the ability of the Solarvalue production process to refine this purchased silicon into solar grade silicon in our Slovenia plant. We expect to produce the first small quantities of solar grade silicon samples in the very near future.

Besides the Annual Report 2007 (Deutsch), it does not seem as though much has changed since the Solarvalue AG Analyst Conference at the 8. Forum Solarpraxis. As I reported back then towards the end of November 2007:

Solarvalue should deliver SGS lab sample material on the order of 10’s of kilograms before year end.

By implication, the lab samples were then expected in a few weeks at most. And even now the solar grade silicon samples are not ready until the “very near future”. As I understand it, the “laboratory size production facility” is capable of producing solar grade silicon in the aforementioned 10’s of kilograms quantity scale.

All the same points raised in Solarvalue AG Analyst Conference at the 8. Forum Solarpraxis still apply, and I will not belabor them.

In other news, Solarvalue plans issue of bonus shares: Shareholders’ Equity increased eightfold (Deutsch). I far as I understand it, this is stock split to increase the liquidity and daily share trading volume. Shareholders will need to approve this proposal at the upcoming ANNUAL GENERAL MEETING 2008 (HAUPTVERSAMMLUNG 2008) on March 28, 2008, at 10.00 AM, in the Ludwig Erhard Haus, Berlin, Germany.

Solarvalue’s ANNUAL GENERAL MEETING 2008 occurs the Friday before the Photovoltaic Technology Show 2008 Europe and the 6^th Solar Silicon Conference in Munich (München), Germany.

Interesting timing and about a month earlier than last year.

Solar Temblor: 9 Big Trends by Jennifer Kho at Greentech Media is an informative post worth taking the time to read.

©2010 GUNTHER Portfolio. All Rights Reserved.

In this final Solar Light Flashes of 2007, I need to catch up on accumulated tidbits I’ve collected over the past few months.

Advent Solar, Inc.
If recent events at Miasolé regarding former CEO David Pearce are the precedent (see Former Miasolé Employees Confirm Cuts by Jennifer Kho at Greentech Media), then Advent Solar Appoints Peter Green as new President and CEO, tends to indicate Rusty Schmit’s days with Advent may be numbered despite the claim:

Company founder Rusty Schmit will remain a member of the Board of Directors in an active role focused on strategic initiatives and will be working with Peter to ensure a smooth transition.

This development also lends credence to anonymous rumors the retooling and layoffs are masking process issues.

Blue Square Energy
While I was on my best behavior at the Dow Jones VentureWire Alternative Energy Innovations 2007 conference in Redwood City, California, AlternativeEnergy.com captured this video of Blue Square Energy (BSE) President and CEO Jeff Barnett’s presentation.

Concentrix Solar GmbH
In the under reported Concentrix passes all tests required for starting construction of its 500 kW power plant in Spain (October 2007), the company’s 5.75 kW prototype system passed ISFOC, Instituto de Sistemas Fotovoltaicos de Concentración S.A. or Institute of Concentration Photovoltaics Systems, required qualification tests including draft IEC standard 62108 D8d (now IEC 62108 Ed. 1.0). Construction of the 200 kW Puertollano, Castilla La Mancha – Spain, installation was supposed to begin in early November 2007.

Greentech Media
Greentech Media: Conversations has so far rolled out two of a six part discussion series with Dr. Richard Swanson, co-founder, President, and Chief Technical Officer (CTO) of SunPower Corporation. Since the series is sponsored by SunPower and mirrored over at the SunPower website as the Richard Swanson Podcast Series, this series has the appearance of an infomercial. Then again, what photovoltaic company would want to sponsor a series about a competitor? Nonetheless, I am sure these podcasts with Dr. Swanson are worth a listen.

Izusu Glass Co., Ltd.
DigInfo (Digitized Information, Inc.) has a short video about Izusu Glass compound parabolic concentrators (CPC) produced using a glass mold process to reduce manufacturing costs.

Oerlikon Solar
I just noticed this public relations Oerlikon Solar Image Film on the website available via streaming (English, Deutsch) or download. And here is an apparent bootleg video Report on solar energy from CASH-TV in German (Deutsch) aired back on October 7, 2007. Oerlikon Solar is a business segment of OC Oerlikon Corporation AG (VTX:OERL).

REC Solar Grade Silicon LLC
This REC Silicon Groundbreaking video by Grant County EDC showed up on YouTube before Christmas even though the ceremony to mark the construction of the new Solar Grade Silicon manufacturing facility in Moses Lake, Washington USA, was held way back on August 16, 2006.

A few updated photos of the construction are posted on the Grant County Economic Development Council website at REC Silicon Project. Slated to ramp in the second half of 2008, the new plant is based on a proprietary FBR (Fluidized Bed Reactor) process and will add 6500 MT (Metric Tons) of granular Solar Grade Silicon production capacity. REC Solar Grade Silicon LLC is a wholly owned subsidiary of Renewable Energy Corporation ASA (OSL:REC).

Solarvalue AG
The stockings of Solarvalue AG (XETRA:SV7) shareholders were empty this Christmas. No (char)coal, wood chips, quartz, or Solar Grade Silicon (SGS) sample material from a US lab. But did the Solarvalue ÜberBull get high sulfur coal from Santa Claus?

Two series begun in 2007 remain unfinished. I have noticed significant interest in Timminco Limited: O Canada! Solar Grade Silicon, Eh? – Part 1. This is a top priority at the start of 2008, and I have two additional parts planned. There was also supposed to be a Part 3 after Sunways goes its own Silicon ways – Part 2 to cover the Automotive solar segment of Sunways. I have the material but just have not gotten to the write up.

Once again I wish everyone a Happy New Year 2008 and may it be happy and prosperous for us all.

©2010 GUNTHER Portfolio. All Rights Reserved.

Sample me this? Production risks are back end loaded.
Sunways CEO Roland Burkhardt’s take on Solarvalue.

First, let’s cover what went well at the Solarvalue AG (XETRA:SV7) Analyst Conference. As you can see in the above photo, the conference had good analyst attendance including man about solar Jesse Pichel, Vice President and Sr. Research Analyst, PiperJaffray. Maximillian Fischer, Solarvalue Investor Relations, provided a short overview and was followed by Solarvalue CTO (Chief Technology Officer) Dr. Julio Bragagnolo. Alas, from here things did not always go up and to the right.

Solar Grade Silicon (SGS) lab samples

Solarvalue should deliver SGS lab sample material on the order of 10’s of kilograms before year end. The SGS sample material will be from a US lab not Ruše. The same physical process is used to make the sample material but it is not identical to the production process flow.

About 250 kilograms of SGS are required to cast a typical multicrystalline silicon (mc-Si) ingot, so 10’s of kilograms of material are insufficient for verification on existing production lines using customer manufacturing process flows. Way back in Secretive solar start-up, Solarvalue AG, reveals solar grade silicon production plans through joint venture bid for TDR-Metalurgija in Ruse, Slovenia, I said:

Solarvalue will need to develop a stable process and deliver sample production SGS material to solar wafer and cell partners for qualification.

These lab samples are preproduction and only an indication of what is possible in production. One analyst asked the key question. How do you know this process will scale in production?

Cross Examination on SGS Material Impurities

Following the presentation, Research Analysts asked Dr. Bragagnolo probing questions about the quality of the SGS material, its usefulness for making solar cells, and the process. Dr. Bragagnolo engaged with the Research Analysts in a round-robin discussion of one-upsmanship regarding the impurity levels in the Solarvalue SGS material.

Mr. Pichel triggered this exchange by citing information about Timminco having 5ppm (parts per million) Boron (B) and Phosphorus (P) impurity levels or better in their Solar Grade Silicon.

First Dr. Bragagnolo clarified the high quality silicon metal (metallurgical silicon) from the arc furnace would have below 1ppm of Boron and Phosphorus and sub 5ppm of other impurities. When pressed if this level of Boron could be used to make a working silicon solar cell, Dr. Bragagnolo claimed the SGS impurity target for Boron was under 1ppm or 0.1ppm.

However, in supporting these targets, Dr. Bragagnolo cited the old work at Solarex and did not have or present Solarvalue lab analysis data for even the lab sample material and admitted Solarvalue has not fully tested the silicon made with the process. In essence, Solarvalue has performed a book calculation regarding material made with their process to date.

Production Equipment Status

Solarvalue is working with a US engineering firm to translate their process and plant concept into the detailed engineering of a number of production components that will be assembled in Ruše, Slovenia. In reviewing the process flow, an iterative collaboration between Solarvalue and their engineering partner has resulted in improving the process to 30% material conversion efficiency from metallurgical silicon (mg-Si) to SGS albeit slipping the engineering schedule.

Lab samples aside, Solarvalue’s approach of going straight to production and bypassing a pilot line results in the process being developed and fine tuned on the production line. Any process issues discovered at this point will be more expensive to correct, resulting in further production start up delays, and idle capital production assets.

If it is Thursday, it must be M1

M1 is the arc furnace being retrofit for metallurgical silicon (mg-Si) production. No schedule was provided. Solarvalue has changed plans from the M5 arc furnace to M6 and now to M1. These changes are related to Solarvalue’s challenging relationship with W&P Profil CEO Alojz Cajnko who now controls M5 and M6. M1 is the largest yet oldest of the three arc furnaces. I also believe it will be more difficult to convert to silicon metal production than M6. No wonder Solarvalue will start production with purchased silicon metal.

As a result, Solarvalue has lost the strategic benefit of using their arc furnace to produce high quality silicon metal for initial SGS production. Analysts were concerned about the old furnace equipment introducing contaminants into the silicon metal. Knowing John Mott, I believe the Solarvalue team will handle this issue during the retrofit.

Sunways

At the Sunways AG (FRA:SWW) Analyst Conference, an analyst asked CEO Roland Burkhardt about Sunways’ reasons for partnering with Solarvalue and questioned Solarvalue’s competence in silicon production as his take away from the Solarvalue Analyst Conference the previous day.

Translating and paraphrasing Mr. Burkhardt’s response, he visited Slovenia to verify the existence of the arc furnace. It did indeed exist, and he left convinced Solarvalue has the people and expertise to make metallurgical silicon. Whether Solarvalue could produce usable (for solar cells) Solar Grade Silicon via their refinement process was an open question. He summarized by saying the concept was possible given the Solarvalue team’s related experience in particular with a similar process at Solarex. Concluding, Mr. Burkhardt said, We’ll believe it when we see it.

From the Sunways perspective, the Solarvalue relationship (Solarvalue and Sunways to cooperate on solar cell development) is an inexpensive call option on Solarvalue’s ability to deliver Solar Grade Silicon useable for mc-Si solar cells.

There was much more analyst interest in the Sunways LDK deal (Sunways Reactor-Wafer reversal deal with LDK Solar). And Monday’s announcement, Sunways AG enters polysilicon production business (Deutsch), indicates Sunways is developing a portfolio approach to silicon sourcing.

Additional Solarvalue Points

• The Solarvalue process is targeting 20% initial yield of SGS from mg-Si inputs and expects to improve the yield to 30% although no timeframe was given. The balance of silicon is sold as commodity mg-Si.
• Solarvalue claims they will have about 2400 metric tons (at 20% yield) of SGS production capacity in place by the end of 2008 and produce less than 1000 metric tons of SGS in 2008. It stuck me the SGS produced in 2008 is very similar to the numbers discussed last year in Solarvalue discusses plans and process representing a one year delay.
• The final casting of multicrystalline silicon (mc-Si) ingots by the solar wafer customer is the last step of the process.
• Even though Solarvalue will use hydroelectric power from a nearby power plant, the electricity cost is not low since Slovenia net imports electricity to meet demand.
• Capex (capital expenditures) was pegged at less than €50 Million.
• No pro forma financials were presented.

While they may have been honest and forthright, Dr. Bragagnolo made a number of statements that were unsettling in their delivery. For example, Dr. Bragagnolo said:

The process will work, what is unknown and constitutes a risk is when it will work.
It’s a time issue. There’s always risk – that’s life.

Here is the Solarvalue presentation from the Analyst Conference at the 8. Forum Solarpraxis.

In Solar Light Flashes: November 15, 2007, I said I would cover:

International Solar Silicon Production – an Overview
John R. Mott, COO of Solarvalue Proizvodnja d.d., Ruse (Slovenia)

Dr. Bragagnolo substituted for Mr. Mott. I missed the later panel discussions so I may not be writing a post about this.

I don’t expect any Research Analysts to initiate coverage of Solarvalue as a result of this Analyst Conference.

GP Note: In case there was any question after the post, Solarvalue AG: Why has the stock declined?, I do not own any shares of Solarvalue AG stock and have never traded them.

©2010 GUNTHER Portfolio. All Rights Reserved.

With many years of accumulated expertise in monocrystalline and multicrystalline silicon solar cell development and processing, Sunways AG (FRA:SWW) is a stronger research and development partner for Solarvalue AG (XETRA:SV7) than Moser Baer Photo Voltaic Limited (MBPV). MBPV is focused on bringing up turnkey silicon solar cell production lines at the current time.

Here are the dueling company press releases: Sunways and Solarvalue enter into cooperation agreement for the production and processing of solar silicon (Deutsch) or Cooperation between Solarvalue and Sunways (Deutsch).

Sunways said the following:

If the development cooperation can be successfully implemented, both partners will enter into a supply contract.

Since both Sunways and Solarvalue are synergistic companies without overlap, a successful cooperation could lead to even closer ties. Sunways is involved with every step of the solar value chain besides silicon production after Sunways Reactor-Wafer reversal deal with LDK Solar. Almost a year ago, Sunways was on the short list of companies rumored to be interested in investing in Solarvalue.

Check out this Interview with John R. Mott, COO of Solarvalue Proizvodnja d.d., on the status of development in Ruse (Deutsch) on the Solarvalue home page. There is scarce new information here, but the verb tense (see bold I added to the text) of this section is interesting:

We will be producing solar grade silicon samples within the next few weeks. Afterwards, the final fine tuning of the production process will be carried out. Production will then start up within the first half of 2008. This gradual “ramp- up” will minimize risk and keep the rejection quota low. We intend to produce several thousand metric tons of high-purity solar grade silicon in 2008.

©2010 GUNTHER Portfolio. All Rights Reserved.

Mass Production slips to first half of 2008

As I mentioned in Solarvalue AG: Why has the stock declined?, I have been expecting a major announcement from Solarvalue AG (XETRA:SV7) regarding full scale production, new customers, or sample material qualification. Given the plan of record has been 850 MT (metric tons) of Solar Grade Silicon production by the end of 2007, today’s announcement represents a production delay of up to three quarters. Here is the press release, Solarvalue AG to launch mass production in the first term of 2008 – First samples in progress (Deutsch). A revised Solar Grade Silicon production target for 2008 is not mentioned in this press release.

I found this tidbit of interest:

As previously announced, Solarvalue will purchase metallurgical silicon in the first instance to accelerate production start of high-grade solar silicon.

Announced when? Did I miss this or was this mentioned last week in passing during Solarvalue CEO Claudia Boehringer’s presentation at the Taiwan International Photovoltaic Forum & Exhibition? Three arc furnaces and no metallurgical silicon for production? At least one of these arc furnaces, M5, has been known to be operational and capable of producing silicon metal. The other two arc furnaces, M1 and M6, required retrofitting for silicon metal production. See Solarvalue: What ever happened to the M5 arc furnace? In addition, Solarvalue has always said producing high quality silicon metal is an important part of their process, so it is interesting to see them purchase silicon metal on the open market.

Looks like I got it right earlier this year in Solar Grade Silicon roads lead to Ruše – Part 3.

©2010 GUNTHER Portfolio. All Rights Reserved.

Ever since Solarvalue goes “Back to the Future” with Moser Baer Photo Voltaic partnership, Solarvalue shares have been driven upward by occasional news and over enthusiastic speculation. Reports like this one from April 10, 2007, Solarvalue keine Stücke aus der Hand geben (Solarvalue don’t sell a single share) helped fuel the stock, but I doubt this was intended to prevent shareholders from selling at €90!

Both an investment from Gartmore in Solarvalue pulls a Secondary and Solarvalue secures TDR Facility for Solar Grade Silicon Production were the latest news moving the stock to its all time high. In other company news, Solarvalue’s offering of 210,000 shares at €64 completed August 10, 2007, (see Solarvalue AG places first tranche of shares for capital increase successfully Total accrual of liquid funds of EUR 13 million expected), was one factor weighing the stock down to the €60’s range. And the subprime lending mess in the US and resulting credit crunch appear to have pushed shares in proportion to its speculative beta to just below €40. The shares of established solar industry players were also hammered last week.

I have been expecting a summer correction of Solarvalue shares before the announcement of Solar Grade Silicon samples or production. But, I didn’t think the shares would fall quite this way. Solarvalue is exhibiting at the 22nd Photovoltaic Solar Energy and Conference Exhibition. In my mind, this would be the perfect venue for Solarvalue to make significant announcements regarding their progress towards production or new customers. Please recall the Moser Baer partnership was announced just before PHOTON’s Photovoltaic Technology Show 2007.

If you favor charts, the above Solarvalue share chart shows a retracement back to €40 (after a Blow-Off top?). Will the stock retest €30 or even €20? The investment by Gartmore should provide support at €40 if world markets stabilize after the recent injections of liquidity. I am considering a small, speculative investment if the stock price becomes attractive. Expect a disclosure statement on my Solarvalue posts if this occurs.

And NEWS FROM RUSE – THE BLOG (Deutsch) has been busy with four (4) new short posts from John Mott since I last checked.

This is the third post in the adverb series: What, Where, and now Why.

©2010 GUNTHER Portfolio. All Rights Reserved.

On the heels of Solarvalue AG: Financial Measures Ensure Further Growth (Deutsch) announcing an increase of share capital by 210,000 shares, Solarvalue AG (XETRA:SV7) subsidiary Solarvalue Proizvodnja d.d. has purchased a significant portion of the TDR factory in Ruše, Slovenia, larger than the previous lease back arrangement. Solarvalue also took on over sixty (60) TDR employees. See the press release Solarvalue Buys Production Plant in Slovenia (Deutsch) for the official announcement. Solarvalue AG holds 60% of the Solarvalue Proizvodnja d.d. shares, and Moser Baer Photo Voltaic Limited (MBPV) holds the balance of 40%.

Although the TDR press release talks about a blast furnace, I confirmed with John Mott this should have said submerged arc furnace. There isn’t even a blast furnace at the TDR Facility! With the purchase, Solarvalue will be able to consolidate operations in the Ferrochrome and the M1 furnace buildings shortening material transfers for raw materials and molten silicon metal. This development also opens up avenues of previous speculation mentioned in this Blog.

Per the decision at the Annual General Meeting, Solarvalue will issue 210,000 new shares by no later than August 2007. Existing shareholders have a right of first refusal to purchase one (1) new share for each four (4) shares they own now. Another 365,700 shares have been authorized for issue. In addition, convertible or warrant linked bonds or both have been authorized for issue up to €15 million.

And John Mott has a new Blog entry, Silicon – the Second Most Abundant Element on Earth since I noted the prior inactivity in Solar Light Flashes: June 11, 2007.

©2010 GUNTHER Portfolio. All Rights Reserved.