NANJING, China and DUBAI, UAE, January 11, 2016 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), and Z-One Holding today announced an agreement to form a joint venture to market and sell the full range of CSUN's solar products and provide high value-added PV solutions in the Middle Eastern and African markets. Under the terms of the agreement, the joint venture, CSUN Solar MEA FZC, will be owned 60% by China Sunergy, and 40% by Z-One Holding.
"Middle East and Africa are both fast-growing markets for photovoltaic, or PV applications. This joint venture will be a useful opportunity to offer our PV products and solutions in the two markets while working with Z-One Holding who has an extensive distribution network and profound photovoltaic expertise," said Mr. Tingxiu Lu, chief executive officer of CSUN. "Our track records of working with a variety of well-known enterprises located in both upstream and downstream of the PV industry has positioned us well as Z-One Holding's partner and we look forward to capturing the lucrative opportunities together."
About Z-One Holding
Z-One Holding is a stakeholder in eight companies representing the whole PV value-chain from equipment manufacturing, products distribution, consultancy, engineering, purchasing and construction services and project development. Based in the UAE, the Company has extensive distribution network covering Middle East and Africa.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com.
Contact Information:
China Sunergy Co., Ltd.
Wang Zhuo
Phone: + 86 25 5276 6696
Email: ir@chinasunergy.com
Safe Harbor Statement
This announcement may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's failure to maintain its listing qualification due to, among other things, volatility in the Company's ADS price; the Company's ability to raise additional capital or renew existing bank borrowings as they become due to finance the Company's activities; the Company's customers' financial condition and creditworthiness, and their ability to settle accounts receivables; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, execution of our strategy to expand into downstream solar power businesses, the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the Company's ability in maintaining its liquidity; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
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