Tainan , Taiwan , May 19, 2008 – Gloria Solar International Holding, Inc. (“GIH”) today announced that it completed the share exchange with Gloria Solar Co., Ltd. (“Gloria Taiwan”) on April 29, 2008. As part of its restructuring, Gloria Taiwan became a wholly owned subsidiary of GIH. GIH acquired all of the issued and outstanding shares of Gloria Taiwan, and issued 50 million ordinary shares to the existing shareholders of Gloria Taiwan. Shareholders of Gloria Taiwan received one of GIH’s ordinary shares in exchange for one Gloria Taiwan common share. 

The share exchange was approved by the ROC Investment Commission on April 23, 2008 as to GIH's investment in Gloria Taiwan, and on April 28, 2008 as to the investments in GIH by Taiwan shareholders of Gloria Taiwan.

On January 23, 2008, E-Ton Solar Tech. Co., Ltd. (“E-Ton”), a Taiwan based solar cell manufacturer, and Gloria Taiwan acquired 95% and 5%, respectively, of the equity interest in ADEMA Technologies, Inc. (“Adema”). As part of its restructuring, GIH acquired E-Ton’s 95% equity interest in Ade ma on May 16, 2008, in exchange for the issuance of 47.5 million of its ordinary shares to ETon. As a result, GIH owns, directly and indirectly, 100% of the equity interest in Adema and Adema became a wholly owned subsidiary of GIH.

About Gloria Solar International Holding, Inc.  
Gloria Solar International Holding, Inc., an exempted company with limited liability under the Companies Law of the Cayman Islands, through its wholly owned subsidiary, Gloria Solar Co., Ltd. is a leading photovoltaic (PV) manufacturer in Taiwan, producing high quality solar products including specialty panels for automobile applications, building integrated photovoltaic (BIPV) modules and standard PV modules. GIH, through its wholly owned subsidiary, ADEMA Technologies, Inc., is also a manufacturer of solar-grade and semiconductor-grade monocrystalline ingots based in Mountain View, California. 

CONTACT: Gloria Solar International Holding, Inc.
Tel: +886-6-5059500
Fax: +886-6-5057100
e-mail: service@gloriasolar.com
Address: 5th Floor, Building C, No. 3, Nanke 7th Rd., Sinshih Township,
Tainan county 74147, Taiwan, R.O.C. (Southern Taiwan Science Park