Ralos New Energies AG
BGI refinances acquisition loan of approximately 9.5
BGI EcoTech AG / Miscellaneous 21.09.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Corporate News from 21 September 2009 BGI EcoTech AG: BGI refinances acquisition loan of approximately 9.5 million - Successful refinancing of short-term liabilities from the Ralos acquisition totalling approximately EUR 9.5 million - Replacement by a loan which can be paid back by BGI up to 30 November 2009, either in cash or shares - To strengthen equity and to access further financing options, BGI is planning to convert the greater part in shares Kassel/Griesheim, 21 September 2009: BGI EcoTech AG, which operates in the area of regenerative energies, particularly photovoltaics, today announced the long-term refinancing of its short-term loan and interest liabilities totalling EUR 9.5 million. The convertible bonds of EUR 3.9 million issued by BGI in connection with acquiring the Ralos Group in September 2008 and a bridge loan of EUR 5.1 million plus interest liabilities totalling approximately EUR 9.5 million would have been due for repayment or conversion. Both the bridge loan and the convertible bond - as well as 497,000 shares - were originally completely subscribed by Parcom Quoted Equities (PQE). In the context of discontinuing its business operations, PQE has transferred its investment to ING Bewaar Maatschappij VII B.V as depository of ING Quoted Equity Funds (ING). The following agreement with ING was concluded on the long-term financing of the above loan: ING converts its loan and interest claims into a new bridge loan to BGI. This bridge loan with an 8% coupon has a short-term duration to 30 November 2009. Then or at any earlier time, BGI can repay its financial liabilities either in cash or by issuing shares in a proportion it deems fit. In the case of repayment by issuing new shares, a price of EUR 10.00 per share has been contractually agreed. In order to strength BGI's equity, it plans to repay the bridge loan completely or at least in a large part by issuing shares. ING would then hold 1,446,508 shares, up to 27.6% of the increased equity capital. 'This refinancing of BGI by such a well-known institutional investor as ING is a success for BGI and a demonstration of the appeal of our strategy with its clear focus on the construction of photovoltaic systems in the private and industrial sector. In Germany the market is currently very active, but in our view will also grow strongly outside Germany. With our international alignment, we want to benefit from this,' stated Albert Klein, speaker of the Board of Management. The Board of Management About BGI EcoTech AG: BGI EcoTech AG is a company specialising in the renewable energies growth market, with a particular focus on photovoltaic systems. BGI EcoTech AG, which was founded in 1990, operates as a holding company. With subsidiaries and distribution companies in Germany, Austria, Spain, Italy, Canada, Czech Republic and Dubai, BGI is represented in the most important and potentially fastest growing markets worldwide. The company's largest holding is Ralos Group, one of Europe's leading premium system solutions providers in the photovoltaic field. The company develops, plans, constructs and operates innovative photovoltaic plants, the capacity of which ranges from private solar power systems to powerful large-scale power plants of all sizes. Contact: Company contact: BGI EcoTech AG Kuhbergstraße 28 34131 Kassel Tel.: +49 (0) 561 93 87 70 Fax: +49 (0) 561 31 24 51 info@bgi-ecotech.de www.bgi-ecotech.de Investor relations contact: GFEI Aktiengesellschaft Hamburger Allee 26-28 60486 Frankfurt am Main Tel.: +49 (0) 69 74 30 37 00 Fax: +49 (0) 69 74 30 37 22 bgi-ecotech@gfei.de www.gfei.de 21.09.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------------
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