Global Solar has implemented actions to preserve operations as acquisition offers and other strategic options are considered.
Tucson, Ariz. – December 11, 2012 – Global Solar Energy, Inc. (“Global Solar” or the “Company”), a leading manufacturer of CIGS flexible solar technology and portable solar products, announced today that the Company has taken cost-cutting measures as it continues to progress the previously announced sale process and evaluate strategic options.
Global Solar has reduced its work force by about 70% to preserve operational and production flexibility. The reduction in force consisted primarily of employees dedicated to Global Solar’s roofing product line. Key technical staff and management have been retained, as well as a production team focused on select customer orders.
Related to recent events, CEO of Global Solar, Dr. Jeffrey Britt stated, “We continue to work toward a solution which will preserve Global Solar’s industry-leading CIGS technology and production capabilities. We have had a very strong level of investor interest which has been predicated on Global Solar’s high quality products and technological strength.”
Inquiries related to the sales process should be directed to Chris LeWand (firstname.lastname@example.org ) of FTI Capital Advisors, LLC (FTICA), member FINRA/SIPC, the wholly owned investment banking subsidiary of FTI Consulting, Inc.
About Global Solar Energy
Since its founding in 1996, Global Solar has emerged as the leader in flexible Copper Indium Gallium DiSelenide (CIGS) thin film solar cell technology. CIGS thin-film technology is lightweight and highly efficient. Global Solar’s thin-film solar cells are incorporated into a variety of applications including portable solar solutions for military applications and consumers, building integrated photovoltaic (BIPV) products and designs, and roofing markets. Global Solar manufactures CIGS cells and modules in its Tucson, Arizona, USA production facility and distributes worldwide.
FTI Capital Advisors, LLC
Chris LeWand, 520-351-5960