Trans-India Acquisition Corporation to Merge with Solar Semiconductor

Trans-India Acquisition Corporation announced that it has entered into a definitive agreement to acquire at least 80% of privately held Solar Semiconductor Ltd. The company was incorporated in the Cayman Islands and has subsidiaries in the United States and India.

Solar Semiconductor has manufacturing plants located in Hyderabad, India, with a current annual production capacity of 75 megawatts (MW) of solar photovoltaic (PV) modules. The company is also nearing completion of a “campus” facility with capacity for both PV module and solar cell manufacturing.

This facility is expected to add 120 MW of additional PV module production capacity by the first quarter of 2009, 30 MW of PV cell production capacity by the second quarter of 2009 and another 30 MW of PV cell capacity by the fourth quarter of 2009.

Solar Semiconductor had consolidated revenue of approximately US $15.2 million for the fiscal year ended March 31, 2008, and approximately US $27.3 million and US $27.2 million for the three-month periods ended June 30, 2008 and September 30, 2008, respectively, based on unaudited financial statements for such periods. Based on an anticipated production increase to meet current orders, Solar Semiconductor expects consolidated revenue for the fiscal year ended March 31, 2009 of approximately US $140 million.

Pursuant to the definitive agreement, Solar Semiconductor’s shareholders will receive in exchange for their stock shares of Trans-India common stock valued at US $8.00 per share. The number of shares and options and warrants to be issued at closing will be based upon a purchase price of US $375,000,000, minus the aggregate amount of Solar Semiconductor’s long-term indebtedness on the closing date in excess of US $50,000,000.


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