DGAP-Adhoc: Phoenix Solar Aktiengesellschaft: cuts in feed-in tariffs for solar power cause delay in financing negotiations - moratorium extended

Phoenix Solar Aktiengesellschaft  / Key word(s): Miscellaneous

02.04.2012 17:38

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.

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Phoenix Solar AG: cuts in feed-in tariffs for solar power cause delay in
financing negotiations - moratorium extended

Sulzemoos, 2 April 2012 / Owing to considerable cuts in the feed-in tariffs
for solar power in several key markets of Phoenix Solar AG, the
restructuring plan submitted to the financing parties in December 2011,
which also included the business development envisaged for the coming
years, has had to be adjusted in recent weeks. As a result, the financing
negotiations of Phoenix Solar AG (ISIN DE000A0BVU93, Prime Standard of the
Frankfurt Stock Exchange) have been delayed. The moratorium agreed with the
syndicate banks and other bilateral lenders and guarantors, as well as
trade credit insurers, was extended at the end of March to allow financing
negotiations to continue on the basis of the adjusted restructuring plan.
In view of these circumstances, the release of the financial report and
annual report 2011 has been postponed, most likely for a few weeks.
Similarly, the publication of the quarterly reports on the first quarter of
2012, scheduled for 10 May 2012, is also likely to take place at a later
date.

This is an English translation of the German original. Only the German
version is binding.

Disclaimer
The content of this press release is solely for information purposes and is
not intended to constitute a recommendation for investment or a
solicitation to subscribe or an offer to buy or sell securities of the
company.  Phoenix Solar AG shall undertake no liability whatsoever for any
loss in connection with this press release or the information made
available.  This also applies particularly to any eventual loss in
connection with the shares of Phoenix Solar AG.

This document contains forward-looking statements on future developments
which are based on management's current assessment. Words such as
'anticipate', 'assume', 'believe', 'estimate', 'expect', 'intend',
'can/could', 'plan', 'project', 'forecast', 'should', and similar terms are
indicative of such forward-looking statements. Such statements are subject
to certain risks and uncertainties which are mainly outside the sphere of
influence of Phoenix Solar AG, but which have an impact on the business
activities, the success, the business strategy and the results. These risks
and factors of uncertainty include, for instance, climatic change, changes
in the state subsidisation of photovoltaics, the introduction of competitor
products or technologies of other companies, the development of the planned
internationalisation of business activities, fierce competition as well as
rapid technological change in the photovoltaic market.  If one of these or
other factors of uncertainty or risks should occur, or if the assumptions
underlying the statements should prove incorrect, the actual results may
diverge substantially from the results in these statements or implicit
indications. Phoenix Solar AG does not have the intention nor will it
undertake any obligation to realise forward-looking statements on an
ongoing basis or at a later point in time as this is entirely dependent on
circumstances prevailing on the day of their release.

In some countries, especially in the United States of America, the
dissemination of this press release and the information contained therein
may be restricted or prohibited under the law. This press release is
therefore expressly not intended for persons resident in the United States
of America or any other legal system under which such an offer or
solicitation is not permissible, or for persons for whom such an offer or
invitation would constitute a breach of the law.


Contact:
Phoenix Solar AG
Jutta Stolp
Hirschbergstrasse 8
85254 Sulzemoos
Germany

Tel.: +49 (0)8135 938-315
Fax:  +49 (0)8135 938-399
j.stolp@phoenixsolar.de
www.phoenixsolar-group.com

Local Court of Munich HRB 129117
Ust-ID Nr. DE 812868419

Board of Directors: Dr. Andreas Hänel (CEO), Dr. Murray Cameron, Sabine
Kauper, Ulrich Reidenbach
Head of Supervisory Board: J. Michael Fischl


02.04.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Phoenix Solar Aktiengesellschaft
              Hirschbergstraße 8
              85254 Sulzemoos
              Germany
Phone:        +49 (0)8135-938-000
Fax:          +49 (0)8135-938-099
E-mail:       kontakt@phoenixsolar.de
Internet:     www.phoenixsolar-group.de
ISIN:         DE000A0BVU93
WKN:          A0BVU9
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München (m:access),
              Stuttgart
 
End of Announcement                             DGAP News-Service
 
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