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SPI Energy Co., Ltd. Reports Unaudited Interim Report for the Six-Month Ended June 30, 2016

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HONG KONG, May 16, 2017 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global clean energy market place for business, residential, government and utility customers and investors, today reported its unaudited interim report for the six months ended June 30, 2016.

As previously reported on January 13, 2017, the Company received a letter from Nasdaq stating that the Company was not in compliance with Nasdaq listing rules because the Company had not submitted on a  Form 6-K an interim balance sheet and income statement for the six-month period ended June 30, 2016. In the letter, Nasdaq requested that the Company submit a plan to regain compliance with Nasdaq listing rules within 60 days.

As previously reported on March 20, 2017, the Company submitted to Nasdaq a plan to regain compliance with Nasdaq listing rules and Nasdaq granted an exception to enable the Company to regain compliance, under the condition that the Company must submit its interim balance sheet and income statement for the six-month period ended June 30, 2016 on or before May 15, 2017.

The Company hereby furnishes its Unaudited Condensed Consolidated Statements of Balance Sheet and Unaudited Condensed Consolidated Statements of Operations for the six-month period ended June 30, 2016 (the "Interim Report") as attached in Exhibit A. Upon filing of Form 6-K, the Company anticipates that it will regain compliance with relevant Nasdaq listing rules solely with respect to its failure to file its Interim Report.

The Company's Interim Report is prepared and presented in accordance with U.S. GAAP. However, they have not been audited or reviewed by the Company's independent registered accounting firm. During the course of preparing the Interim Report, the Company noted various significant outstanding and uncertain matters, including but not limited to, its liquidity and ability to continue as a going concern, contingent liabilities arising from litigations, suspected related party transactions and unusual transactions and compliance with laws and regulations. The Company has formulated certain liquidity plan as previously disclosed on its 2015 annual report on Form 20-F. However, the Company cannot assure you that it will be able to successfully execute its liquidity plan. The level of liquidity that the Company needs may be greater than the Company currently anticipates as a result of both general industry and market factors and Company-specific factors, such as global economic slowdown, continued downturn in the global PV market, changes in the regulatory and business environments, and the ongoing dispute with the Company's investors regarding its Solarbao investment programs. All of these and other factors and occurrences may increase the Company's cash requirements and make the Company unable to satisfy its liquidity requirements and the Company may, as a result, be unable to continue as a going concern.

The company is preparing and finalizing the Consolidated Financial Statement as of and for the year ended December 31, 2016. Further evidences obtained subsequently during the finalizing process may provide additional information, which may cause the Consolidated Statement of Financial Position and Consolidated Statement of Operation as of and for the six-month period ended June 31, 2016 to be adjusted accordingly. In addition, accounting estimates and assumptions made in preparing the Company's consolidated financial statements for the financial year ended December 31, 2016 may differ from that used in Interim Report due to the differences in reporting periods and changes in the Company's financial conditions during those periods. As a result, the Company cannot assure you that its consolidated financial statements as of and for the year ended December 31, 2016 will not contain significant difference, adjustment or discrepancies from its Interim Report. The Company's historical results do not necessarily indicate results expected for any future periods.

Exhibit A
SPI Energy Co., Ltd. Unaudited Condensed Consolidated Statements of Balance Sheet and Unaudited Condensed Consolidated Statements of Operations for the six-month period ended June 30, 2016.

SPI Energy Co., Ltd.
Unaudited Condensed Consolidated Balance Sheet
(In thousands, except for share and per share data)  
         
     June 30,    December 31,
     2016    2015
         
ASSETS        
Current assets:        
Cash and cash equivalents   $ 31,015     $ 82,124  
Restricted cash     7,443       83,191  
Accounts receivable, net of allowance for doubtful accounts of $27,810 and $36,553,
respectively
    44,224       73,383  
Accounts receivable, related party     110       -  
Notes receivable     9,680       3,541  
Costs and estimated earnings in excess of billings on uncompleted contracts, net of
allowance for doubtful accounts of $15,655 and nil, respectively
    22,150       32,426  
Inventories, net     15,049       27,245  
Project assets     41,178       35,355  
Prepaid expenses and other current assets     44,034       41,197  
Other receivable, related parties     38       2,589  
Finance lease receivable     15,328       12,518  
Total current assets     230,249         393,569  
Intangible assets     4,409       4,526  
Goodwill     75,969       75,969  
Accounts receivable, noncurrent     7,652       7,463  
Other receivable, noncurrent     550       550  
Notes receivable, noncurrent     5,769       6,399  
Property, plant and equipment, net     124,485       125,793  
Project assets, noncurrent     48,281       60,371  
Derivative asset     -       2,328  
Investment in an affiliate     11,913       13,950  
Deferred tax assets, net     832       848  
Finance lease receivable, noncurrent     39,260       17,804  
Total assets   $ 549,369     $ 709,570  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $ 77,420     $ 97,803  
Accounts payable, related parties     7,723       5,128  
Notes payable     9,073       34,301  
Accrued liabilities     29,252       26,741  
Income taxes payable     3,716       4,002  
Advance from customers
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