Spire Commissions PV Module Line in Korea and Raises Capital

Spire Corp. has completed installation and commissioning of a SPI-Line™ turnkey photovoltaic (PV) module assembly line for Unison Co., Ltd. (Unison) of Chonan-City, Korea. In an unrelated development, the company sold 941,176 shares of its common stock at $8.50 per share, for gross proceeds of approximately $8 million, in a private placement to two accredited institutional investors.

Spire's advanced PV module manufacturing equipment and process technology will enable Unison to manufacture state-of-the-art PV modules from solar cells to address the growing Korean and Asian solar PV market.

Mr. Roger G. Little, Chairman and CEO of Spire Corp., said, "We are pleased to work with Unison to ensure their continued growth in Korea's alternative energy market. Spire was chosen by Unison because of our well-earned reputation for reliability and innovative technology."

The net proceeds of the stock sale were approximately $7.7 million after deducting placement fees and other closing costs. Spire intends to use the proceeds to fund future development initiatives and for general corporate purposes.

These shares have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or any state absent registration or an applicable exemption from registration requirements. This transaction was facilitated by Wharton Capital Partners.