NANJING, China, March 25 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a 35MW solar photovoltaic products framework agreement, and a 5MW solar photovoltaic products sales contract under the 35MW solar photovoltaic products framework agreement, with Global Service LTM. L.L.C. ("GSL") in Taiwan.
The framework agreement outlines the potential supply of up to 35MW of solar photovoltaic products from China Sunergy to GSL from March through until December 2009. GSL will then supply the solar photovoltaic products to the customer in Korea.
With respect to the specific delivery during the term of the framework agreement, sales contracts will be negotiated and entered into between the parties to finalize the products to be delivered, and the quantity and price of the products. The first 5MW sales agreement has been signed, with China Sunergy to provide 5MW of solar photovoltaic products to GSL in the second quarter of 2009, for eventual shipment to Korea.
The CEO of China Sunergy, Dr. Allen Ruennsheng Wang, remarked: "Signing this framework agreement represents progress in China Sunergy’s recently discussed strategy of geographically diversifying our customer base. Although this framework agreement is not binding, we are pleased to have signed the first 5MW sales contract according to the mutual understanding outlined in the framework agreement, an indication of the solid foundations we have set for an ongoing partnership. We seek to continue this momentum through the securing of additional sales agreements for our solar products within key Asian markets including Korea."
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 and selling prices of 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; 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, 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 contact:
Peter Schmidt
FD Asia
Tel: +86-10-8591-1953
Email: peter.schmidt@fd.com
