Spire Corporation (NASDAQ:SPIR), which provides products and services to solar energy and biomedical device markets, announced today that it has formed a wholly owned subsidiary, Spire Solar, Inc.
BEDFORD, MA-January 7, 2003-Spire Corporation (NASDAQ:SPIR), which provides products and services to solar energy and biomedical device markets, announced today that it has formed a wholly owned subsidiary, Spire Solar, Inc.
Roger G. Little, President and CEO of Spire Corporation, said, "The incorporation of Spire Solar, Inc. is part of our plan to shape Spire Corporation into autonomous businesses, each focused on different markets to lead to increased stockholder value. This restructuring effort began with the sale of our telecommunications business in 1999 and continued with the formation of Spire Biomedical, Inc. in 2000 as a wholly owned subsidiary. With its own identity, Spire Solar, Inc. can more easily pursue its strategic goals in the distributed energy industry and acquire the capital to fund growth opportunities, if necessary. It will afford Spire Solar greater operating flexibility to exploit its technological capabilities and market position developed over more than two decades."
Spire Solar, Inc. provides solar electric systems for distributed power generation for a broad range of applications. Spire Solar strategy is to establish a network of domestic turnkey photovoltaic (PV) module and systems factories to address local markets created by the growing demand for clean and reliable power, electric utility deregulation, and municipalities' desire to revitalize brownfields with the lowest cost products. The foundation for these factories rests on Spire Solar's core module manufacturing equipment and technology.
Spire Solar Chicago provides large grid connected systems for public, residential and commercial buildings in the Chicago area including a PV array to convert an environmental brownfield into a solar brightfield. Spire Solar Chicago works in concert with ComEd, the City of Chicago, the Illinois Department of Commerce and Community Affairs and BP Solar.
As a world leader in supplying the equipment to manufacture PV modules, Spire Solar, Inc. has provided equipment to more than 140 customers in 42 countries. Spire Solar, Inc. will further capitalize on the growing PV market by offering new equipment and production lines to its broad customer base and new industry participants.
About Spire Solar, Inc.
Spire Solar, Inc., a wholly owned subsidiary of Spire Corporation, provides solar electric systems for distributed power generation and is a leading supplier of photovoltaic module manufacturing equipment and turnkey solar energy businesses. For more information, visit Spire Corporation's web site at www.spirecorp.com.
Spire Solar Chicago provides solar electric systems for distributed power generation in the Chicago metropolitan area. For more information on Spire Solar Chicago, visit www.spiresolarchicago.com.
About Spire Biomedical, Inc.
Spire Biomedical, Inc., a wholly owned subsidiary of Spire Corporation, provides premium medical products and biotechnology surface engineering services for improving the performance of implantable medical devices. For more information, visit Spire Biomedical, Inc.'s web site at www.spirebiomedical.com.