NANJING, China, Aug. 24 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, announced today its current CFO, Mr. James Shaofeng Qi, has resigned from the Company effective August 28, 2007 for personal reasons. Mr. Zhu Zhiping, currently the finance manager at CEEG (Nanjing) PV Tech Co., Ltd, the operating entity under China Sunergy, will be serving as interim CFO until a permanent replace is identified.
"I would like to thank James for his significant contributions to China Sunergy over the past few months, including his dedicated work in guiding the Company's financial team," commented Mr. Tingxiu Lu, Chairman of China Sunergy. "Even as James leaves to pursue new personal opportunities, he leaves in place a very strong finance organization made up of consummate professionals. The entire China Sunergy team wishes him well as he prepares to take on new challenges."
The Company has initiated a search to fill the position, and anticipates that a new CFO will be hired before the third quarter financial earnings results process.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. 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, 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 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; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. 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.
For further information, please contact:
China Sunergy
Fischer Chen
Email: fischer.chen@chinasunergy.com
Financial Dynamics
Julian Wilson
Tel: +86-10-5811-1902
Email: julian.wilson@fd.com
Peter Schmidt
Tel: +1-212-850-5654
Email: peter.schmidt@fd.com
