SOURCE: GiraSolar

October 31, 2006 08:22 ET

GiraSolar Group Executes New Orders in Key Markets

DEVENTER, THE NETHERLANDS -- (MARKET WIRE) -- October 31, 2006 -- GiraSolar Inc. (PINKSHEETS: GRSR) (FRANKFURT: L2I) is pleased to announce its subsidiary DutchSolar BV has received new orders from customers in Spain valued at $2.200.000.

Koen Dirven, COO of GiraSolar BV, stated: "Our efforts to gain a strong foothold in the fast developing Spanish market are yielding demonstrable results. We have established good relations in Spain with leading solar companies who install our products in their projects. Government incentives in Spain including a feed in tariff for renewable energy have made the economic conditions there more favorable for solar power. The program in Spain is comparable to the incentive program in Germany which created one of the single largest markets for solar energy systems in the world. We therefore anticipate the Spanish market to continue its fast growth. With our partners in Spain we expect to remain an important supplier to this country."

Wieland Koornstra, CEO of GiraSolar BV, added: "We are still seeing strong growth in the EU market. Within the EU, Spain is the spearhead of our efforts, followed by building our position in Greece and Italy. Moreover, the Spanish market has now become equally important to our company, and the market in Germany. Further, we expect to continue to strengthen our position in the USA. Now that Governor Schwarzenegger of California has approved legislation to support solar energy in California. In Asia, China is projected to commit to a twenty year and $400 billion incentive program for renewable energy, we expect that good growth rates for the entire solar industry will be continued world wide for many more years to come."

Dutch Solar has delivered and received payment for these orders.

Statements herein that are not historical facts and that refer to GiraSolar Inc. and subsidiaries plans and expectations for additional orders from customers anywhere in the world or the strength of future growth in the demand for solar products are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Our actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to business and economic conditions and growth trends in the solar power industry, our ability to obtain adequate supply of both polysilicon and silicon ingots to manufacture our products and third party components and other risks described in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements. We use words such as "believes," "plans" and "expects" and similar expressions to identify forward-looking statements.

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