ROSEVILLE, Calif.—November 24, 2014- Solar Power, Inc. ("SPI" or "SPI Solar") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that it dismissed Crowe Horwath LLP ("Crowe") as its principal accountants effective on November 18, 2014. The decision to dismiss Crowe was approved by SPI's board of directors. Contemporaneous with the dismissal of Crowe, SPI decided to engage KPMG Huazhen (Special General Partnership) ("KPMG Huazhen") as its principal accountants for its consolidated financial statements as of and for the year ending December 31, 2014, a decision also approved by SPI's board of directors.
Except for an explanatory paragraph following its opinion indicating that there was substantial doubt about SPI's ability to continue as going concern, the audit reports of Crowe on SPI's consolidated financial statements as of and for the years ended December 31, 2013 and 2012 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principle.
During the two most recent fiscal years and the subsequent interim periods through the date of dismissal, SPI has not had any disagreements with Crowe on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to Crowe's satisfaction, would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the two most recent fiscal years and the subsequent interim periods through the date of dismissal, there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K, except for the reportable events identified in SPI's relevant annual reports and quarterly reports.
During SPI's two most recent fiscal years and the subsequent interim periods through the date of this press release, neither SPI nor anyone on its behalf has consulted with KPMG Huazhen regarding either (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on SPI's consolidated financial statements, and neither a written report nor oral advice was provided to SPI that KPMG Huazhen concluded was an important factor considered by SPI in reaching a decision as to any accounting, auditing or financial reporting issue, or (2) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
Mr. Xiaofeng Peng, Chairman of SPI, stated, "We are very pleased to announce the engagement of KPMG Huazhen as our new independent registered public accountant, a leading provider of auditing and accounting services. We look forward to working closely with KPMG Huazhen in the coming years. We would also like to show our appreciation for Crowe's services provided to date and wish Crowe every success in the future."
About Solar Power, Inc. (OTCBB: SOPW):
Solar Power, Inc. ("SPI" or "SPI Solar") is a vertically-integrated PV developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class PV energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: www.spisolar.com.
Safe Harbor Statement:
This release may contain certain "forward-looking statements" relating to the business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.Among other things, the quotations from management in this press release and SPI's operations and business outlook, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in SPI's reports filed with the Securities and Exchange Commission. SPI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Amy Liu, Solar Power, Inc. (800) 548-8767