NANJING, China, March 18 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has signed a letter of intent with SolarMax Technology Inc. (SolarMax), one of the leading system integrators of photovoltaic systems in the United States.
In entering the letter of intent, China Sunergy seeks the enhancement of mutual competitive advantages of both parties. According to the letter of intent, China Sunergy will supply 25MW of solar cells to SolarMax throughout 2009. The supply schedule and supply volume are subject to change depending on the cooperation performance achieved by both parties.
The letter of intent contemplates further cooperation between the parties in other manners. According to the letter of intent, SolarMax will act as a sales agent and representative of China Sunergy in the U.S., and China Sunergy will receive local support from SolarMax. The parties will also work together on all projects, with each party participating at a varying level for different projects.
The consummation of the cooperation under the letter of intent is subject to the execution of definitive agreements and other conditions mutually accepted by the parties.
Upon signing the letter of intent, Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy, remarked: "We are making steady progress regarding our strategy of customer base diversification as demonstrated by entering this mutual understanding with SolarMax. This cooperation offers competitive advantages to both China Sunergy and SolarMax, and we hope to mutually benefit from our partnership. We are confident that we will continue to enter into international markets in Europe and the United States through the sales of our advanced solar cell products."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .
Safe Harbor Statement
This announcement contains 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 fact in this announcement are forward-looking statements. These forward-looking statements and 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 ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; the economic slowdown in China and elsewhere and its impact on the company's operations; demand for the company's products; the future trading of the common stock of the company; the ability of the company to operate as a public company; 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 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, they cannot assure you that their 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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