HERITAGE GLOBAL PARTNERS
IN BULK TO CANADIAN SOLAR
Final sale hearing to be held on October 6, 2011
San Diego, CA – September 30, 2011 – 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
EST, 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.