WUXI, China, July 5 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has met the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX") regarding internal controls over financial reporting as stated in its annual report for the year ended December 31, 2006.
"This successful completion of the SOX 404 audit represents a strong indication of our long-standing commitment to the highest standards of corporate governance," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "The internal control systems established as part of this have also enabled us to achieve significant growth in production and sales."
Section 404 of SOX requires that companies listed on U.S. stock exchanges file an internal control report within the annual report that states management's responsibility for internal controls of financial reporting, and includes an assessment of the effectiveness of the controls and an external audit of the reliability of the internal control structure and procedures. Compliance with SOX Section 404 is a testament to the veracity and transparency of all financial information that a company discloses.
"Suntech is proud to have achieved official approval of our internal financial controls and processes. Our extensive efforts to comply with SOX 404 as a public company demonstrate our dedication to corporate transparency," said Amy Zhang, Suntech's CFO. "The rigor of SOX compliance has also been an excellent opportunity to improve our business processes and increase back-office efficiency."
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
In China:
Rory Macpherson
Ogilvy Public Relations Worldwide
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
