28.09.2004 – 08:01

sunways AG

euro adhoc: sunways AG
Financing, Stock Offerings
Sunways AG will issue convertible bonds with a volume of up to EUR 10 million (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.

Constance, 28 September 2004 - On 24 September 2004, the Management
Board of Sunways AG (ISIN DE0007332207) decided, with the consent of
the Supervisory Board dated 27 September 2004, to issue convertible
bonds in a nominal amount of up to EUR 10,000,000.00. The bonds will
be issued, granting shareholders' pre-emptive rights, on the basis of
the authorization of the shareholders' meeting of 6 May 2004.

Sunways will use the proceeds of the convertible bonds as well as of
other funding measures for the construction of an additional
production line in the new Federal States to further expand its
market position in Germany and abroad. This will represent an
important step in the implementation of the corporate strategy of
Sunways AG.

After the annual general meeting 2006, at the earliest, the bonds
will be convertible into up to approximately 2 million new shares
from the Company's conditional capital at a conversion price of EUR
4.85. The life of the bonds will be five years. The bonds will bear
interest at a rate of 7.00 per cent p.a. The convertible bond issue
will be divided into 100,000 bearer bonds in a nominal amount of EUR
100.00 each; the issue price will amount to 100 per cent.

With respect to further details of the issue, reference is made to
the publication of the subscription offer on 29 September 2004 in the
Federal Gazette (Bundesanzeiger) and in the Financial Times as well
as on the Internet at www.sunways.de

equinet Securities AG will be responsible for the structuring and
placement of the issue.

end of announcement        euro adhoc 28.09.2004

Further inquiry note:

Astrid Forst
Tel.: +49 (0)7531 99677 480
E-Mail: ir@sunways.de

Branche: Alternative energy
ISIN: DE0007332207
WKN: 733220
Index: CDAX, Prime All Share, Prime Standard, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade