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VivoPower International PLC Announces Diamond Energy Pty Ltd. Has Acquired VivoPower’s Express Solar Projects

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LONDON, Oct. 08, 2018 (GLOBE NEWSWIRE) -- VivoPower International PLC (VVPR) (“VivoPower”), an international solar power company, is pleased to announce that an affiliate of Diamond Energy Pty Ltd (“Diamond Energy”) has acquired the Express Power Solar PPA Projects in Australia from VivoPower’s wholly-owned subsidiary in Australia, VivoPower Pty Ltd (“VivoPower Australia”). Terms were not disclosed.

“The sale of Express Power Solar represents another positive step towards achieving our FY19 goals”, said Mr. Carl Weatherley-White, Chief Executive Officer of VivoPower. “The transaction with Diamond Energy provides capital to develop and build new solar assets in Australia, while ensuring that Express Power Solar PPA customers continue to receive terrific service and savings from their roof top solar systems.”

“The Express Power Solar PPA customer base was a perfect fit for the growing Diamond Energy portfolio,” said Mr. Tony Sennitt, Managing Director of Diamond Energy. “This move expands our existing generation portfolio and, through our linkage with our electricity retail arm, will enable many customers a seamless solar experience.”

About VivoPower

VivoPower is an international solar power producer and storage company that is developing, building and operating projects on a global basis in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long-term power purchase agreements, arranging corporate and project financing, engineering, design and equipment procurement and managing the construction and development of such solar PV projects.

About Diamond Energy

Diamond Energy is a specialist renewable energy electricity retailer in Australia with considerable expertise regarding the development of generation facilities and the delivering of cost effective low-carbon energy to its customers.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.