SPI Solar Appoints Charlotte Xi Interim Chief Financial Officer

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SPI Solar Appoints Charlotte Xi Interim Chief Financial Officer

ROSEVILLE, Calif.--(BUSINESS WIRE)-- SPI Solar ("SPI") (SOPW:OTCBB), a vertically integrated photovoltaic ("PV") solar developer, today announced the appointment of Charlotte Xi as interim chief financial officer. This appointment follows Jim Pekarsky's decision to resign as SPI's chief financial officer effective September 13, 2013 in order to join an undisclosed private company as chief executive officer.

"I am excited to take on this new role as SPI continues to transition its EPC expertise toward serving a geographically broader customer base," said Charlotte XI, interim chief financial officer. "I am looking forward to working with solar industry partners to meet the needs of our customers as the solar industry continues to mature and reach economies of scale."

Xi, who was appointed to SPI's board of directors on August 20, 2013, is an experienced finance and operations executive, who most recently served as senior vice president of global operations for Canadian Solar, Inc. Prior to that, she served as Canadian Solar's vice president of finance from August 2008 to November 2009 and compliance officer from September 2007 to November 2009. She served as corporate controller from February 2007 to July 2008. Her experience also encompasses accounting, compliance and finance roles with companies such as ARAMARK Corporation, a Fortune 500 company, and TV Guide Magazine in the United States, where she was responsible for financial reporting and implementing Sarbanes-Oxley compliance during the first year of its corporate compliance requirement. Ms. Xi holds a bachelor's degree from Shanghai Teachers University and MA and MBA degrees from the Midwestern State University in Texas. She is also a member of the AICPA and has been a Texas-licensed CPA since 1996.

"We are pleased with Charlotte's decision to step in as interim chief financial officer, especially given the breadth and depth of experience that she brings to SPI," said Xiaofeng Peng, chairman of the board of SPI and LDK. "Her experience at Canadian Solar during a period of significant growth will be essential in helping SPI continue to navigate the challenging solar environment while pursuing global EPC growth opportunities," continued Peng. "This appointment marks continued progress against our goal of building out SPI's experienced management team, including recent leadership additions among management and board members, to work toward improving SPI's financial results and stockholder value."

About SPI Solar ( SOPW:OTCBB ):

SPI Solar ("SPI") (Solar Power, Inc.) is a vertically integrated photovoltaic solar 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 photovoltaic solar energy facilities 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 "believes", "expects" or similar expressions. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company 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.

Solar Power, Inc.
Min Xiahou, 800-548-8767
Global CEO

KEYWORDS:   United States  North America  California


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