Q3 Earnings to be Announced on the 19th November 2007
NANJING, China, Oct. 9 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, announced today that it has entered into a supply agreement (the "Agreement") with Luoyang Zhonggui High-tech Co., Ltd. (“Zhonggui”), a leading Chinese polysilicon manufacturing company, for the supply of approximately 106 metric tons (“MT”) of high-quality virgin solar-grade multicrystalline polysilicon for 2007 and 2008.
Under the Agreement, a total of 60MT and 46MT of solar-grade multicrystalline polysilicon will be shipped to China Sunergy in 2007 and 2008, respectively. The contracted volumes will support approximately 13MW of production for China Sunergy during the contractual term which primarily covers the period of September 2007 to March 2008. Pricing is on a fixed basis for the duration of the Agreement.
Mr. Lu Tingxiu, chairman of China Sunergy commented, "The Agreement further demonstrates our ability to improve our supply chain management in spite of challenging market conditions. We look forward to further developing our relationship with Zhonggui, which is one of China’s leading polysilicon producers and has a track record of delivering a reliable supply of its high quality product to its customers.”
Allen Wang, CEO of China Sunergy, commented, "This transaction, coupled with the 68MW long term wafer contract that we signed in September, represents a significant step towards our goal of improving the overall quality of our polysilicon and enhancing the reliability of our wafer supply. We will continue to strengthen our efforts to further diversify our supplier base and seek more sizeable and longer term volumes, especially from overseas markets, to support the execution of our rapid expansion plan.”
In addition to the supply contract, China Sunergy also took delivery of a powerful printing machine made by the world’s leading solar equipment manufacturing company, Baccini. S.P.A. The machine arrived in Nanjing in early October and with this, the company is targeting to produce approximately 3MW of high efficiency selective emitter cells during Q4 2007. This represents a solid step towards large scale commercial production of the said high efficiency cells.
Q3 Earnings Announcement
China Sunergy will announce its 2007 Q3 earnings on 19th November. A conference call will be arranged for 8:00 a.m. EST, details of which will be circulated nearer the time and be available on China Sunergy’s website http://www.chinasunergy.com .
About China Sunergy
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. 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 the effectiveness, profitability, and the marketability of the company’s products; 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; future shortage or availability of the supply of raw materials; 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.
