Canadian Solar Signs a 45 Million Euro Annual Sales Contract and Breaks Ground of a 250 MW Module Facility in Changshu, China
JIANGSU, China, May 29 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company", or "CSI") (Nasdaq: CSIQ) today announced it has concluded a 2007 annual sales contract worth 45 million Euro with a leading German customer. CSI has already started to deliver to this contract in March, before official signing, due to immediate demand for the products.
Concurrently CSI held a ground breaking ceremony for the new 250 MW module manufacturing facility for its plant in Changshu, China, located about 100 km west from Shanghai. The first phase of the new facility is 20,000 square meter in area and is expected to be completed by November of 2007. When finished, the first phase facility will have a module production capacity of 250 MW. Construction is expected to start in June after receiving final building permits.
Dr. Shawn Qu, CEO of CSI, said, "We continue to execute our business expanding strategy as planned in order to support our customers' demands and forecasts. Our insistence on quality products and services is paying off. The strong demand we are seeing exemplifies CSI management's strategies of branding CSI as Tier-One in quality and to form long-term partnership with Tier-One distributors in every geographic market. This annual contract, with firm pricing and delivery schedules until the end of year, serves as another example of such a partnership which brings business security and visibility to both CSI and its customers."
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-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 www.csisolar.com.
Contacts: In Jiangsu, P.R. China In the U.S. Bing Zhu, Chief Financial Officer David Pasquale Canadian Solar Inc. The Ruth Group Phone: +86-512-62696755 Phone: +1-646-536-7006 firstname.lastname@example.org email@example.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.
SOURCE Canadian Solar Inc. -0- 05/29/2007 /CONTACT: In Jiangsu, P.R. China: Bing Zhu, Chief Financial Officer of Canadian Solar Inc., +86-512-62696755, firstname.lastname@example.org; In the U.S.: David Pasquale of The Ruth Group, +1-646-536-7006, email@example.com/ CO: Canadian Solar Inc. ST: China, Germany IN: FIN SU: CON KN -- LNTU504 -- 5567 05/29/2007 12:27 EDT http://www.prnewswire.com