NANJING, China, Nov. 19 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. ("China Sunergy") (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, announced today that it had entered into various sales agreements (the "Agreements") with Canadian Solar Inc. ("Canadian Solar").
The Agreements with Canadian Solar are for a total volume of 25MW of solar cells for 2008. Under the Agreements, China Sunergy will supply approximately 12MW and 13MW of solar cells to Canadian Solar in the first and second half of the year respectively. The Agreements will be denominated in both Chinese yuan and US dollars, with approximately 24% of the volume being based on fixed pricing terms and the remainder being determined on a quarterly basis.
Commenting on the Agreements, Allen Wang, CEO of China Sunergy said: "Following on from this and the recent agreement with aleo solar of Germany, I am very pleased with our ability to expand sales both domestically and abroad. This latest Agreement signifies a substantial development in our relationship with Canadian Solar, one of the leading China-based module manufacturing companies, and is a positive example of how we are developing our high quality global customer base while further enhancing our brand recognition within the industry."
Commenting further, Dr. Shawn Qu, CEO of Canadian Solar, added: "We are pleased to have added China Sunergy to our list of partners, and continue to demonstrate the ability of CSI to establish win-win relationships with companies across the solar value chain. This announcement provides further visibility to the supply contracts we had in place in order to support our 2008 business plan. We look forward to working closely with China Sunergy as a part of our long-term supply chain strategy, which includes continued direct purchasing from a selected number of long-term strategic cell suppliers in addition to our internal solar cell production."
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
Michael Polyviou
Tel: +1-212-850-5748
Email: michael.polyviou@fd.com
