aleo solar Annual General Meeting endorses Management Board's strategy

(PresseBox) ( Oldenburg, Prenzlau, )
aleo solar AG today announced that its shareholders on Tuesday very clearly endorsed the Management Board's strategy at the Company's third Annual General Meeting (AGM). The actions of both the Management Board and the Supervisory Board were formally approved by a large majority of at least 95 percent. All other proposed resolutions were adopted by a large majority as well. The AGM resolved to carry forward aleo solar AG's accumulated profits in order to make these funds available to finance the Company's further growth. The shareholders also adopted a precautionary resolution renewing the authorization to buy back shares equivalent to up to 10 percent of the Company's share capital. Specifically, the treasury shares may be used as an acquisition currency for investments in other companies or for share-based payments under an employee equity compensation program. The AGM for the first time also approved the creation of contingent capital and the possibility to issue convertible bonds. Complementing the existing authorized capital, this gives the Company additional leeway in selecting customary financing instruments.

Uwe Bögershausen, aleo solar AG's CFO, informed shareholders about the very dynamic course of business in recent months: "The PV industry has once again settled into its typical seasonal cycle. As a result of the long winter, the elimination of the Spanish market and the financial crisis, the number of new installations has declined. However, we can already see a clear improvement for business in the remainder of the year. In May alone, we were able to match our entire sales for the first quarter of 2009." Incoming orders and existing contracts totaling more than 70 megawatts reflect strong interest in modules from aleo solar AG. Heiner Willers, COO of aleo solar AG, added: "What counts from now on is sales strength. We are expanding our sales organization in the established PV markets and pressing on with our activities in growth markets. Our aleo power network ensures proximity to the customer and direct contact with specialist dealers. This is aleo solar's strength as a premium manufacturer with its own sales force." The aim is to further develop this business model, and the General Meeting has approved the proposal to retain the entire accumulated profits within the company for this purpose.

Jakobus Smit, CEO of aleo solar AG, summed up as follows: "The AGM endorsed our strategy: strength in sales, internationalization, high quality and a strong brand will continue to ensure our future success."
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