The Richsolar Technology Corporation Limited announces to have participated with 12,51% of the capital stock in the POWERBAGS AG by original shareholders of the company.
The Richsolar Technology Corporation Limited has an option to assume another 12,5% from the original shareholders'holdings to a fixed price up to December 31, 2009. Up to the date of demand, the stocks have been lodged on blocked deposits. Both contract parties are bound to keep silence about the contract details.
The Powerbags AG, www.powerbags.de, based in Hamburg, Germany, offers a direct access to the sales markets of Germany and Europe to the Richsolar Technology Corporation Limited.
So far, the Powerbags AG had produced solar modules with trade name PB 180 in our concern with their own components. With regard to a successful marketing strategy we will be able to place at the market in collaboration with the Powerbags AG from June /July 2008 4 MW by the month.
For the business year 2009, an expansion of the common selling capacity to more than 75 MW is planned; particularly by the installation of a new production line at our factory guaranteed.
The Powerbags AG is a listed company and carries a professional management with high quality standards. The Powerbags AG is listed on the Frankfurt Stock Exchange at WKN A0JL53 and enables our concern to get a first insight into the European capital market.
To us, the Powerbags AG offers an ideal addition to the distribution in the European region, as well as it offers an option of a thinkable absorption.

Zhejiang, January 3, 2008

Andy Lu
CEO Richsolar Technology Corporation Limited