Sunways AG: Sunways aims to avert insolvency proceedings

Konstanz/Germany (pta015/29.05.2013/11:10 UTC+2) Business operations continue / Company counts on support / Searching best solution for all concerned

29 May 2013 - After the appointment of a preliminary insolvency administrator following a third party application, business operations of the Sunways Group (SWW:GR, SWWG.DE, ISIN DE0007332207) largely returned to normal. Due to the extraordinary termination of credit lines by two house banks a difficult situation had occurred for customers and suppliers of the company. The associated restrictions were mainly eliminated by the arranged proceedings. The preliminary insolvency administrator has the responsibility to verify the existence of insolvency reasons and to safeguard the assets of the company for the claims of creditors.

Hoong Khoeng Cheong, Chairman of the Management Board/CEO of Sunways AG: "We want to use the time ahead and, with the support of all stakeholders, avert insolvency proceedings. In this way we can reach the best solution for everyone: customers, suppliers, banks, shareholders, and employees. We aim to align Sunways in the next three months so that we will again be able to generate profits in the future."

This press release is also available on http://www.sunways.eu/en/company/press/press-releases/

Forward-looking statements
This press release contains statements relating to the future business development of Sunways AG that are based on management assumptions and estimates made at the time of publication. Should the assumptions underlying the prognoses fail to be fulfilled, actual events may vary substantially from forward-looking statements. Uncertainties include changes in the political, legal, economic and business environment, exchange and interest rate fluctuations as well as the behaviour of competitors and other market participants. Sunways does not intend and is not under any obligation to update forward-looking statements on an ongoing basis as these are exclusively based on the circumstances prevailing as of the date of publication.

About Sunways
Sunways provides innovative products and solutions for harnessing solar energy (photovoltaics). Alongside high-performance components for standard applications (solar modules and inverters), the company also offers design-oriented solutions for special applications, such as semi-transparent and coloured solar cells for building-integrated photovoltaics. The company headquarters are in Konstanz, at the western end of Lake Constance in Germany. Other locations are Sunways Production GmbH in Arnstadt, Germany and branch offices in Bologna, Italy and Barcelona, Spain. Sunways currently employs a total of approximately 270 people and posted sales revenues of over Eur 116 million for 2011. Sunways AG shares (SWW:GR, SWWG.DE) are traded on the Frankfurt Stock Exchange. Since 2012, LDK Solar Group, one of the ten largest photovoltaics companies in the world in terms of revenues, has held a majority stake in Sunways. For further information, see http://www.sunways.eu/en.

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Emitter:	Sunways AG Max-Stromeyer-Str. 160 78467 Konstanz Germany
Contact Person:	Dr. Harald F. Schäfer
Phone:	+49 (0)7531 996 77-415
E-Mail:	communications@sunways.de
Website:	www.sunways.eu
ISIN(s):	DE0007332207 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart