Canadian Solar Signs Annual Solar Cell Supply Contract with Gintech Energy Corporation for About USD 60 Million in 2008
JIANGSU, China, Nov. 26 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company", or "CSI") (Nasdaq: CSIQ) today announced it signed an annual solar cell supply contract with long-term supplier Gintech Energy Corporation of Taiwan. Total shipments to CSI under the contract amount are between 17MW to 22MW with fixed pricing and delivery schedules in 2008. The shipment will start in January 2008.
Scott Kuo, Chairman of Gintech commented, "Gintech is committed to delivering solar cells of the highest quality at competitive prices to serve our clients. Our goal is to become the best and specialized solar cell producer with solid and diversified customer relationship. Our continued relationship with CSI, one of the leading solar manufacturing companies, brings us closer to this goal."
Dr. Shawn Qu, CEO of CSI, said, "We were able to secure this new contract on competitive terms due to our strong relationship with Gintech, which has been a valued partner of CSI since 2004. At fixed pricing with scheduled delivery times, the contract provides added visibility into our supply channel to support our 2008 business plan. This is another example of our ability to achieve win-win relationships with companies across the solar value chain. The continuation of our collaboration with Gintech is in line with our long-term supply strategy, which includes direct purchasing from a selected number of long-term strategic cell suppliers in addition to our internal solar cell production."
About Gintech Energy Corporation
Gintech is a solar cell manufacturer based in Taiwan. Gintech's state-of- the-art equipment, facilities and cost-effective production line focus only on solar cell manufacturing. Gintech was founded in 2005 and is supported by several top executives from the petroleum, petrochemical, semiconductor and electronics industries in Taiwan with insight into the global trends of renewable energy.
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 www.csisolar.com.
Contacts: For Canadian Solar Inc. In Jiangsu, P.R. China Bing Zhu, Chief Financial Officer Canadian Solar Inc. Phone: +86-512-62696755 firstname.lastname@example.org For Canadian Solar Inc. In the U.S. David Pasquale The Ruth Group Phone: +1-646-536-7006 email@example.com For Gintech Energy Corporation Sales Gintech Energy Corporation Phone: +886-2-2656-2000 Email: firstname.lastname@example.org 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 annual report on Form 20-F originally filed on May 29, 2007. 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 Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc. -0- 11/26/2007 /CONTACT: Jiangsu, P.R. China: Bing Zhu, Chief Financial Officer of Canadian Solar Inc., +86-512-62696755, email@example.com; or U.S.: David Pasquale of The Ruth Group for Canadian Solar Inc., +1-646-536-7006, firstname.lastname@example.org; or Gintech Energy Corporation Sales, +886-2-2656-2000, email@example.com/ /Web site: http://www.csisolar.com / (CSIQ) CO: Canadian Solar Inc.; Gintech Energy Corporation ST: China IN: UTI OIL SU: CON VD-FB -- LNM100 -- 5888 11/26/2007 09:18 EST http://www.prnewswire.com