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DGAP-News: SolarWorld AG / Key word(s): Capital Reorganisation/Miscellaneous SolarWorld AG successfully closes financial restructuring

24.02.2014 / 11:56

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With the entry of the implementation of the swap capital increase against contributions in kind in the Commercial Register of the Bonn District Court, the financial restructuring of SolarWorld AG was closed today as planned. After a year, therefore, SolarWorld AG has successfully completed its financial restructuring, a necessary undertaking in light of crisis in the solar industry.

Through the financial restructuring, the SolarWorld Group was able to reduce its financial liabilities by 57 percent. The remaining financial liabilities total EUR 427 million. A part of these were converted into two new secured bonds with terms of five years.

The new shares and bonds shall be admitted to the Regulated Market on the Dsseldorf Stock Exchange and/or the Frankfurt Stock Exchange on Feb. 26, 2014. Listing at the stock exchanges of both the new shares and bonds is expected to take place on March 5, 2014.

Futhermore, SolarWorld has gained a strategic investor, Qatar Solar Technologies (QSTec). "The investment of Qatar Solar in SolarWorld will positively accelerate the advancement of the integrated development of Qatar Solar Industry locally and internationally," said Dr. Khalid Klefeekh Al Hajri, Chairman and Chief Executive Officer of Qatar Solar Technologies (QSTec) at a visit to the production site of Bosch Solar Energy AG in Arnstadt, Thuringia (Germany). SolarWorld will take over cell and module production at this location soon.

"We are now back on a firm financial footing," stated Dipl.-Kfm. tech. Philipp Koecke, Chief Financial Officer of SolarWorld AG, upon completion of the restructuring measures.

In parallel to the financial restructuring, the group has pressed ahead with a comprehensive program to reduce costs and increase efficiency, which is already taking effect. "We have done our homework and in this way created favorable conditions to continue our business successfully and return to profitability in 2015," said Dr.-Ing. E. h. Frank Asbeck, Chief Executive Officer of SolarWorld AG. "A decisive factor will be success with our customers. We have consistently increased the quality and performance of our products during the industry crisis. SolarWorld has remained true to itself and its standards. We supply an all-round valuable product, setting us apart from the competition. This is the path for us to follow in the future," said Asbeck.

About SolarWorld AG: SolarWorld AG manufactures solar power systems and in doing so contributes to a cleaner energy supply worldwide. The company, located in Bonn, employs approximately 2,400 people and carries out production in Freiberg, Germany, and Hillsboro, USA. From raw material silicon to the solar module, SolarWorld manages all stages of production ? including its own research and development. Through an international distribution network, SolarWorld supplies customers all over the world with solar modules and complete systems. The company maintains high social standards at all locations across the globe, and has committed itself to resource- and energy-efficient production. SolarWorld has been publically traded on the stock market since 1999. More information at http://www.solarworld.de/en Contact: SolarWorld AG Martin-Luther-King-Str. 24 53175 Bonn/Germany Tel.: +49 (0) 228/55920-409 E-Mail: presse@solarworld.de Internet: http://www.solarworld.de

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PRESS RELEASE: SolarWorld AG successfully closes financial restructuring

PRESS RELEASE: CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million barrel heavy oil

DGAP-News: CASSONA SE / Key word(s): Drilling Result CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million barrel heavy oil

25.02.2014 / 08:33

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CASSONA distributes the results of the expert's opinion: On the oil property of CASSONA in Alberta about 50.8 million barrel light oil and additionally 102.6 million barrel heavy oil are proven.

Frankfurt (25 February 2014) - CASSONA SE (COE) informs that according to the expert's opinion, which has been commissioned in early January, on the oil property a quantity of 50.8 million barrel light oil and 102.6 million barrel heavy oil OOIP have been proven.

The expert's report states that by primary, secondary and enhanced exploration technologies in total up to 65% of the light oil and 50% of the heavy oil are recoverable. The proven light oil deposits are resources of a soil layer, which in the area of Red Earth in the Province of Alberta in Canada is called Slave Point Formation.

Since a couple of years for the efficient production of light oil locally an efficient and approved technology is applied. The experts propose a successive development of the entire oil property in so called pads of up to 4 drilling wells, which are supposed to be located close to each other to reduce the environmental impact caused by the movement of the drilling rigs. In Q1 2014 the experts expect for locally produced light oil to achieve sale prices of up to 95 dollar per barrel. CASSONA markets its first production volumes for about 80 dollar per barrel minus applicable taxes. The production of heavy oil from oil sands however requires a different production technology. In close proximity to the production well a steam injection well is placed to liquidate the oil deposits before pumping them to the surface.

'For our internal evaluation this expert's opinion has an outstanding importance', states the CEO of CASSONA Dr. Guido Quadri. 'This finally shows the amount of assets held by CASSONA. As a next step we are planning to develop the production of our light oil resources. The additionally existing reserves of heavy oil we consider rather as a joker.'

CASSONA is an investment corporation for targets of the business sectors natural resources, mining and infrastructure. CASSONA is a European corporation with domicile in Frankfurt Main. The shares are listed at the regulated market of GXG Markets and they are traded at the Open Market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN DE000A1C6T63).

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PRESS RELEASE: CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million ...

Jesus Jones - Right Here, Right Now (Video Remix)
Video Remix / Culture Shock (L-edit) ** BY DVJ LECO MIX ** Deixe Seu Comentrio.

By: alex roma

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Jesus Jones - Right Here, Right Now (Video Remix) - Video

Ellie and Beth join the team at Liz Lean PR

12:00pm Monday 24th February 2014 in News

SANDBANKS-based Liz Lean PR has appointed two new team members.

Ellie Cowley joins as an account manager with over six years experience in ground level and strategic PR at Merlin Entertainments.

During her time there, she worked with more than 39 Sea Life centres and six Dungeons attractions across the globe.

Beth Kendall, who joins as account executive, completed a round-the-world trip after university before working for five years as a press officer for award-winning travel PR agency Citrus PR.

Her previous clients have included the UKs largest independent tour operator, DialAFlight; luxury villa specialists in Mallorca and Ibiza; two resorts in the Maldives; and a collection of hotels in New York.

Her new role sees her working with Connaught Windows, who recently joined the consultancys client base to highlight its achievements ahead of its 20th anniversary.

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Ellie and Beth join the team at Liz Lean PR

808 State - Pacific State

Martin Price was the owner of Manchester's premier dance record shop Eastern Bloc and he joined forces with customers Graham Massey and Gerald Simpson to form 808 State (named after the Roland drum machine used by all good house acts). This blissful slab of Manc-house hit the charts at the end of 1989, but here's the original version from the previous year's Quadrastate album, for that authentic Ha feeling.

Following his brief stint in 808 State, Gerald Simpson but went solo for this early acid house classic, released on the Liverpool label Rham! It was the biggest selling indie release in 1988.

Happy Mondays - Hallelujah (Club Mix)

The indie-dance crossover was made official in November of 1989 with the release of Happy Mondays' Madchester Rave On EP and The Stone Roses' Fool's Gold. One of the Mondays' tracks was remixed by Andy Weatherall and Paul Oakenfold - the loping beat and the sample of medieval plainsong made it one of the key tracks of the era.

Primal Scream - Come Together (Weatherall Mix)

Another band that were early adopters of the dance remix, Loaded was previously a track of theirs called I'm Losing More Than I'll Ever Had. Given an overhaul by DJ and remixer Andy Weatherall, the results put the Scream into the charts and he ended up working on their next album Screamadelica. We love his take on the track Come Together, a suitably spaced-out epic.

The indie rock overlords had been toying with dance music since the early 1980s after doing some serious clubbing in New York's hip hop clubs. At the other end of the decade, they decided to record their fifth album in Ibiza. There were many distractions as you may imagine, but the result was one of their strongest LPs - Technique. The opening track was tailor-made for the Haienda and given a soulful remix by Steve "Silk" Hurley, one of the leading lights of the Chicago house scene.

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XFM's instant Haienda rave in five songs