October 27, 2008

Chicago, IL, USA: Trans-India Acquisition Corporation to Take Majority Share in Solar Semiconductor Ltd

Trans-India Acquisition Corporation has entered into a definitive agreement to acquire not less than 80% of privately held Solar Semiconductor Ltd. Solar Semiconductor designs, manufactures and sells solar photovoltaic modules for industrial, commercial, public utility and residential applications internationally. Solar Semiconductor was incorporated in the Cayman Islands and has subsidiaries in the United States and India.

Solar Semiconductor has manufacturing plants located in Hyderabad, India, with current annual capacity for 75 Megawatt (MW) of module production, which management believes makes the company the largest PV module producer in India. Solar Semiconductor is nearing completion of a “campus” facility with capacity for both PV module and solar cell manufacturing.

This facility is expected to add additional PV module capacity of 120MW by the first quarter of 2009 and PV cell capacity of 30MW by the second quarter of 2009, and another 30MW of PV cell capacity by the fourth quarter of 2009. This new 50-acre facility is located in Fab City, near Hyderabad, which has been designated by the Indian government as a Special Economic Zone to promote the semiconductor and solar energy industry.

Solar Semiconductor had consolidated revenue of approximately $15.2 million for the fiscal year ended March 31, 2008, and approximately $27.3 million and $27.2 million for the three-month periods ended June 30, 2008 and September 30, 2008, respectively, based on unaudited financial statements for such periods. Based on an anticipated production increase to meet current orders, Solar Semiconductor expects consolidated revenue for the fiscal year ended March 31, 2009 of approximately $140 million.

“Solar Semiconductor’s strategic positioning in the high growth-potential clean energy sector and its remarkably rapid expansion excited us to merge both companies to deliver attractive returns to our shareholders,” said Mr. Bobba Venkatadri, President and CEO of Trans-India Acquisition Corporation.

“Access to capital markets is critically important for us to become market leaders in our sector. We are pleased to merge with Trans-India Acquisition which will enable us to fuel our rapid growth and timely execute our business strategy,” commented Mr. Hari Surapaneni, President and CEO of Solar Semiconductor.

Further details about: Trans-India Acquisition Corporation and Solar Semiconductor