Heritage Global Partners Auctions SpectraWatt in Bulk to Canadian Solar

Final sale hearing to be held on October 6, 2011

SAN DIEGO--()--Canadian Solar, Inc. acquired all capital equipment of SpectraWatt, Inc. for $4.945 million at the court-ordered public auction held Wednesday, September 28, in front of a live audience and broadcast over the internet from the SpectraWatt facility at the Hudson Valley Research Park in Hopewell Junction, NY. At approximately 1:30 pm EDT, Ross Dove, Managing Partner of Heritage Global Partners let the hammer fall, awarding Canadian Solar, Inc. all capital assets in a single lot, subject to US Bankruptcy Court final sale approval, scheduled for Thursday, October 6th.

The auction format allowed for the estate to obtain offers for the assets in bulk or piecemeal to ensure maximum value. Bulk lot participants were required to post a deposit in order to participate in the process. The estate had obtained multiple deposits, and there were over 100 parties registered both online and in person.

“This sale confirms our belief that a properly promoted and professionally conducted auction of bulk assets can significantly enhance the return to all stakeholders,” commented HGP Director of Sales Brandon Smith, at the conclusion of the proceedings. “We are thrilled to have created an event to allow the stakeholders to truly obtain maximum value of these assets.”

Rick Haug, SpectraWatt’s President and COO said, “We have been working diligently to complete the necessary steps to make this difficult transition as smooth as possible. My team, including our legal counsel – King & Spalding LLP and our Chief Restructuring Officer, Brad Walker, have done a tremendous job over the past nine months and we are very pleased to have completed this process as efficiently as we did. Heritage Global Partners, as the Company’s Sales Agent, did an excellent job of preparing for and executing the auction with precision. Based on the current state of the industry, we feel they were able to get the best possible value for SpectraWatt’s assets.”

By allowing the estate to establish and compare bulk and piecemeal offers, the value proposition was enhanced to produce the spirited and competitive bidding required to obtain the highest possible result.

Led by auction industry pioneers Ross and Kirk Dove, Heritage Global Partners, www.hgpauction.com, is an asset advisory and auction services firm, which assists large and small companies with buying and selling of assets. Heritage Global Partners offers asset brokerage, asset inspection, asset valuations, industrial equipment and real estate auctions, as well as enterprise auctions combining tangible and intangible assets.

SpectraWatt was a U.S. based manufacturer of crystalline silicon solar cells focused on delivering innovative products of superior quality. The company’s state-of-the-art, fully-automated, cell manufacturing process along with extensive research and development capabilities were developed to meet the ever-growing needs of the solar industry. Due to deteriorating market conditions and production issues, the company was forced into bankruptcy in August, 2011.

Contacts

For Heritage Global Partners
Stephanie Freedman
stephanie@freedmancommunications.com
248.797.9061
or
Brandon Smith
bsmith@hgpauction.com
973.265.4090

Release Summary

Canadian Solar, Inc. acquired all capital equipment of SpectraWatt, Inc. for $4.945 million at the court-ordered public auction held by Heritage Global Partners.

Contacts

For Heritage Global Partners
Stephanie Freedman
stephanie@freedmancommunications.com
248.797.9061
or
Brandon Smith
bsmith@hgpauction.com
973.265.4090