Canadian Solar Reports Results of Annual Shareholder Meeting, Files 20-F
JIANGSU, China, June 29 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company'', or ''CSI'') (Nasdaq: CSIQ) today reported results from the Company's first annual meeting held today at The Westin Bund Center Shanghai.
Approval of two items under consideration was announced at the annual meting:
1. Deloitte Touche Tohmatsu CPA, Ltd. was reappointed as the auditors of the Company and the directors of the Company were authorized to fix the auditor's remuneration; 2. Five directors were re-elected to the Company's board of directors: Shawn (Xiaohua) Qu, CSI's Chairman, President and Chief Executive Officer; Bing Zhu, CSI's Director and Chief Financial Officer; and directors Arthur Chien, Lars-Eric Johansson, and Robert McDermott.
The Company noted it filed audited financial results for 2006 and filed its annual report on Form 20-F, including audited 2006 financial statements, with the Securities and Exchange Commission (''SEC'') on May 29, 2007.
Dr. Shawn Qu, CEO of CSI, commented, ''2006 was a year of impressive growth and achievement for CSI. We expanded our customer base and market penetration. We entered important new geographic markets. We also secured the financing to support our continued growth through a well received IPO on the NASDAQ market. Throughout the year our team relied on industry experience that continues to differentiate CSI. We clearly understand the market and we know how to build a world leader. The numerous positive developments underway that position CSI for continued growth and success give us confidence in our outlook for 2007 and beyond.''
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. 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/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. China Bing Zhu, Chief Financial Officer Canadian Solar Inc. Tel: +86-512-6269-6755 Email: firstname.lastname@example.org In the U.S. David Pasquale The Ruth Group Tel: +1-646-536-7006 Email: email@example.com
SOURCE Canadian Solar Inc. -0- 06/29/2007 /CONTACT: In Jiangsu, P.R. China -- Bing Zhu, Chief Financial Officer of Canadian Solar Inc., +86-512-6269-6755, or firstname.lastname@example.org; In the U.S. -- David Pasquale of The Ruth Group, +1-646-536-7006, or email@example.com, for CSIQ / /Web Site: http://www.csisolar.com / (CSIQ) CO: Canadian Solar Inc. ST: China IN: OIL UTI SU: ASI PER LG -- CNF018 -- 8245 06/29/2007 08:02 EDT http://www.prnewswire.com