SAN JOSE, Calif., Jul. 24, 2008 /PRNewswire/ -- SunPower Corporation (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced that it has completed the acquisition of Australian integrator and distributor, Solar Sales Pty Ltd. With this acquisition, SunPower now extends its global presence into the emerging Australian solar market.
Founded in 1983, Solar Sales was one of Australia's first photovoltaic companies and is a leading systems integration and product distribution organization. Solar Sales offers solar panels and inverters via a national network of 30 dealers throughout Australia, and designs, builds and commissions large-scale commercial systems.
"Solar Sales has been a valued SunPower customer and partner for several years," said Howard Wenger, senior vice president of global business units at SunPower Corp. "The strength of its management team, coupled with its market understanding and momentum, will help to form an ideal platform from which we can succeed in both the commercial and residential markets."
Bob Blakiston, managing director of Solar Sales, added: "I am tremendously excited that SunPower has chosen this time to enter the Australian market. This strategic acquisition strengthens our ability to bring SunPower's capabilities and proven components and systems technologies to the Australian market. As the demand for solar grows, we look forward to expanding our dealer base, commercial systems business and SunPower product offerings."
About SunPower
SunPower Corporation (NASDAQ: SPWR) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit http://www.sunpowercorp.com/. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. The company uses words and phrases such as "will," "can," "look forward to," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding: (a) forming an ideal platform from which the company can succeed in both the commercial and residential markets; (b) growing demand for solar; and (c) expanding the company's dealer base, commercial systems business and SunPower product offerings. These forward-looking statements are based on information available to the company as of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond the company's control. In particular, risks and uncertainties that could cause actual results to differ include: (i) difficulties encountered in integrating the merged businesses; (ii) the possibility that expected synergies and cost savings will not be realized; (iii) the uncertainty of business and economic conditions and growth trends in the Australian solar power industry; and (iv) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2008, and other filings with the Securities Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
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SOURCE: SunPower Corporation
CONTACT: Steve Wright, +1-408-457-2719, swright@sunpowercorp.com, both of SunPower
Corporation
Web site: http://www.sunpowercorp.com/