Cencorp - Company Announcement

THE ESTIMATED REALIZATION OF CENCORP’S FINANCING NEGOTIATIONS AND THE FIRST MANUFACTURING PARTNERSHIP AGREEMENT WILL BE POSTPONED TO THE SECOND QUARTER – THE COMPANY’S FINANCING SITUATION CONTINUES TO BE VERY TIGHT

Cencorp Corporation            Stock Exchange Relase       17 March 2015 at
16.20 Finnish time 



THE ESTIMATED REALIZATION OF CENCORP'S FINANCING NEGOTIATIONS AND THE FIRST
MANUFACTURING PARTNERSHIP AGREEMENT WILL BE POSTPONED TO THE SECOND QUARTER -
THE COMPANY'S FINANCING SITUATION CONTINUES TO BE VERY TIGHT 



Cencorp has previously estimated that the company's long-term financing
arrangement will be secured during the first quarter of 2015, and that the
schedule of the long-term financing negotiations will be highly depended on
whether the company succeeds to sign its first manufacturing partnership
agreement on solar module manufacturing technology during the first quarter of
2015. Further, Cencorp has previously stated that should the signing of the
first manufacturing partnership agreement be delayed the long-term financing
arrangement will be delayed too and the company will have to seek for bridge
financing, and it is not yet secured that the company succeeds in securing
bridge financing by the end of the first quarter. 

It is still possible to sign the first manufacturing partnership agreement and
to get a relating order by the end of the first quarter, but the company views
that it is no longer probable that the company is able to secure project
financing for an order in this schedule. Thus the company postpones the
targeted schedule for signing of the first manufacturing partnership agreement
and the long-term financing negotiations from the end of the first quarter of
2015 to the second quarter. Negotiations for manufacturing partnership
agreements, deliveries of production lines, strategic deliveries of solar
modules and long-term financing arrangement continue as usual and the company
continues focusing on finding an overall solution as soon as possible. 

Cencorp's financing situation continues to be very tight. Very significant
risks are involved in sufficiency of Cencorp's working capital for the next
twelve months. Cencorp's management views that the company requires bridging
financing until long-term financing arrangement has been secured and the cash
flow from the business operations of the company has turned positive. The
company is also having ongoing negotiations for arranging bridging financing.
The company continues to have a significant deficit in its working capital
until the first delivery of production technology for solar modules will start
to generate positive cash flow. If the company does not succeed to secure
sufficient short-term and long-term financing, the continuity of the company's
operation may be jeopardized. 


In Mikkeli, 17 March 2015


Cencorp Corporation


Board of Directors



For more information:
Iikka Savisalo
President and CEO
Cencorp Oyj
Tel. +358 40 521 6082,
Email: iikka.savisalo@cencorp.com



Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com



Cencorp Corporation specializes in the clean energy, especially in photovoltaic
solutions. Cencorp provides automated production technology for solar modules
based on the company's own technology; production lines for modules; solar
modules and special components for solar modules. Cencorp's head office is
located in Mikkeli, Finland. The company is part of the Finnish Savcor Group.