SHANGHAI, China, Dec. 6, 2010 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd., (Nasdaq:JASO), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced that it has completed the sales of its previously-written off $100 million face-value USD 3-Month LCMNER Index-Linked Note ("Lehman Notes") for cash consideration of $34.6 million.
The sale of the Lehman Notes was conducted through a competitive bidding process with multiple bidders. JA Solar had previously recorded a $100 million impairment loss against the investments in the third quarter of 2008. As a result, a $34.6 million gain will be recorded in the fourth quarter financial report and the impact to the fourth quarter 2010 EPS is estimated to be $0.21.
The $100 million worth of USD 3-Month LCMNER Index-Linked Note was issued by Lehman Brothers Treasury Co. B.V. incorporated in The Netherlands, guaranteed by Lehman. As a result of the bankruptcy of Lehman Brothers and its affiliates, JA Solar had previously recorded a $100 million other than temporary impairment adjustment against this investment.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.
CONTACT: Stapleton Communications Alexis Pascal 1.650.470.0200 alexis@stapleton.com