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Canadian Solar Officially Opens Cell Manufacturing Subsidiary

2007-04-17 22:06 1206

JIANGSU, China, April 17 /Xinhua-PRNewswire/ -- Canadian Solar Inc. (“the Company”, or “CSI”) (Nasdaq: CSIQ) celebrated the grand opening of its subsidiary, CSI Cells Co., Ltd. in Suzhou, China on April 15, 2007. The first phase of CSI Cell’s new facility, with an area of about 10,000 sq meters, has an annual capacity of 25 MW, and is expected to be ramped up to 100 MW by the middle of Q4 of 2007.

“The manufacturing of cells is another step in CSI’s move towards vertical integration, and the timing of the new cell line is perfect as we face increased demand for CSI’s modules,” said Dr. Shawn Qu, the CEO of CSI. “The new cell facility will further strengthen CSI’s competitive edge in the current consolidation of solar industry.”

“It took just 6 months from the ground breaking to the production of first batch of cells. This in itself exemplifies CSI’s ability to execute its strategy to become a top 10 solar player in the world,” said Dr. Shawn Qu.

The celebration was attended by Mr. Qinghua Han, Provincial Minister of Economy and Trade, Li Yan, Mayor of Suzhou and other dignitaries, including CSI’s suppliers, customers and financing partners.

About Canadian Solar Inc.

Founded in 2001, Canadian Solar Inc. (CSI) is a standard solar module and specialty solar module and product company, serving customers located in various markets worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .

Safe Harbor and Forward-Looking Statements:

Certain statements in this press release including statements regarding expected future financial and industry growth are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its registration statement on Form F-1 originally filed on October 23, 2006, as amended. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and CSI undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

In Jiangsu, P.R.C.:

Bing Zhu, Chief Financial Officer

Canadian Solar Inc.

Tel: +86-512-62696755

Email: ir@csisolar.com

In the U.S.:

David Pasquale

The Ruth Group

Tel: +1-646-536-7006

Email: dpasquale@theruthgroup.com

Source: Canadian Solar Inc.
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