Canadian Solar Announces Annual Sales and Distribution Contract With a Major Distributor in Germany
JIANGSU, CHINA--(MARKET WIRE)--Jan 31, 2007 -- Canadian Solar Inc. ("the Company" or "CSI") (NasdaqGM:CSIQ - News) today announces that it has signed an annual sales and distribution contract with pro solar Solarstrom GmbH in Germany. Under the terms of this contract, CSI will supply to pro solar Solarstrom its high-quality photovoltaic solar modules, in particular the newly certified model CS6P-210, which yields 210-240 W electrical output from a single module. The contract is expected to have an estimated annual value of approximately $30 million to $40 million in 2007.
"pro solar Solarstrom is one of the most successful solar electric system providers and wholesalers for photovoltaics in Germany, as well as an existing CSI customer. This contract expands our current business relationship, continues our overall global expansion and gives us added confidence in our business outlook for 2007," commented Dr. Shawn Qu, Chairman and CEO of CSI. "We are pleased that pro solar Solarstrom has chosen CSI as a premium supplier of solar modules. This collaboration will help strengthen the leading positions of both partners in the current solar market consolidation."
Norbert Philipp, CEO of pro solar Solarstrom, emphasized, "The outstanding quality of these products will support pro solar Solarstrom greatly to strengthen our market position."
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 www.csisolar.com.
About pro solar Solarstrom GmbH
pro solar Solarstrom GmbH looks back on many years of expertise and experience in the field of photovoltaics. Founded in 1988 as part of the pro solar Energietechnik GmbH, today the company belongs to the solar pioneers that recognized the potential of solar energy. With innovative concepts and latest technology, it opened up a new market.
Since 1997, pro solar Solarstrom GmbH has acted as an independent company. Today, headquartered in Ravensburg, pro solar Solarstrom is an active system-provider and wholesaler serving the German and European markets. The company's professionals consult in all technical and economic concerns of installers and their clients. Systems designed by in-house technicians and engineers are additional key strengths of the company.
As a special service to customers, pro solar Solarstrom offers the security package proCare for returns and risk insurance. This package is distributed exclusively by pro solar Solarstrom certified partners. For more information please visit www.pro-solar.com.
Safe Harbor / 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 January 31, 2007, and CSI undertakes no duty to update such information, except as required under applicable law.
In Jiangsu P.R. China
Bing Zhu - Chief Financial Officer - Canadian Solar Inc.
phone: 86-512-62696755, firstname.lastname@example.org
pro solar Solarstrom GmbH
phone: 49-751-36158522, email@example.com
In the U.S.
David Pasquale - The Ruth Group
phone: +1-646-536-7006, firstname.lastname@example.org
Source: Canadian Solar Inc.