Spire Corporation Completes Sale of Sun Simulator Business; will Focus its Efforts on Manufacturing Lines
Spire Corporation , a global solar company providing capital equipment and turnkey manufacturing lines to produce and characterize photovoltaic modules, cells, and wafers,recently announced that it recently completed the sale of substantially all the assets of its Sun Simulator technology line (the “Sun Simulator Business”), as described in more detail below, to Eternal Sun USA, LLC (“Eternal Sun” or the “Buyer”).
“With the divestiture of our Sun Simulator Business to Eternal Sun, Spire is able to take steps to restructure the Company to concentrate its efforts to pursue opportunities in its solar turnkey business,” said Rodger W. LaFavre, President and Chief Executive Officer of Spire Corporation. “The Company will concentrate on improving its relationship with its vendors, and the Company will re-brand its image to reflect its new focus towards solar manufacturing lines and away from the simulator business. As part of our re-branding of the Company, we will in the near future be introducing a new domain and logo to better present our focus on manufacturing lines.
On January 11, 2016, the Company entered into an Asset Purchase Agreement with Eternal Sun pursuant to which the Buyer acquired substantially all of the assets of the Company’s Sun Simulator Business and assumed certain liabilities associated with such purchased assets as set forth in the Purchase Agreement.Mirus Capital Advisors served as the exclusive investment bank to Spire Corporation for this simulator technology asset sale.
