Bekaert, ECD Seek Third Partner for Uni-Solar

Bekaert, parent company of United Solar Systems Corporation (USSC) and Bekaert ECD Solar Systems LLC said Monday that they are seeking a third partner for Uni-Solar, based on higher than expected costs.

Troy, Michigan – February 11, 2003 [SolarAccess.com] Uni-Solar manufacturs amorphous silicon solar cells. Bekaert announced in its Q3 2002 trading update that its solar energy operations needed more funding than originally foreseen due to higher than anticipated pre-production and marketing expenses and therefore it will take longer to break even. Bekaert and ECD have, therefore, started the process to search for a third partner in order to strengthen the Uni-Solar base. The company’s Board of Directors has decided to take in its 2002 consolidated accounts a net adjustment of €84 million (US$90 milliion) on its investments in United Solar Systems Corporation (USSC) and Bekaert ECD Solar Systems LLC (BESS) based on a strict application of accounting rules, the recent advice of its auditors and a due diligence concern for its shareholders. This adjustment is based, according to the IFRS accounting rules, on the value in use of the present facilities only and is allocated to the original investment in USSC, at cost, the original investment in BESS less accumulated consolidated losses and bridging loans. This action has no impact on cash flow.
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