QSolar Receives Official Chinese Confirmation and Becomes Eligible For 17% Refund on All Exports
2013-01-15 22:46:47 -
Calgary, Alberta CANADA, January 15, 2013 /FSC/ - QSolar Limited (QSL - CNSX) is pleased to announce that further to the October 9, 2012 press release announcing QSolar (Shanghai) Photovoltaic Technology Co. Ltd. ("QSolar Shanghai") had applied and was granted an import export licence from Chinese customs authorities, the Corporation announces QSolar Shanghai has received official confirmation from Chinese customs
authorities that it is now eligible for a 17% export refund on all of its export sales. The import export licence will expire August 16, 2015, subject to renewal by QSolar Shanghai.
QSolar Shanghai is structured as a wholly-owned limited liability subsidiary of QSolar Ltd., which is, in turn, a wholly owned subsidiary of the Corporation. The entity's broad business scope allows it to engage in producing, manufacturing and assembling solar panels or photovoltaic modules and accessories in China and the sale and exporting of those self-manufactured products.
This significant development means that, upon submission of export sale documentation to Chinese customs authorities, the Corporation it is eligible for a 17% cash refund resulting in extra margins on all of the Corporation's export sales.
This development is in addition to the 17 % VAT refund eligibility on Chinese domestic sales. Any sales made in China provide eligibility of QSolar Shanghai to collect cash amount of the 17% VAT charged to the Chinese domestic customer on the sale. The VAT amount collected is then offset against the VAT refund pool that is accumulated from VAT paid by QSolar Shanghai on Chinese raw material purchases.
Due to QSolar's unique product range, and prior to the additional incentives described above, we continue to be able to compete successfully in the international markets. The Corporation is in a privileged position, in that it anticipates to enhance and increase its operating margins, have greater flexibility in pricing of larger solar projects, and together with the TUV certification and insurance bankability of its solar modules, has the potential to increase its presence in the world solar panel market.
The Corporation trades under the symbol QSL on the Canadian National Stock Exchange ("CNSX").
About QSolar Limited
QSolar Limited and its wholly-owned subsidiary, QSolar Ltd., and its wholly-owned subsidiary, QSolar (Shanghai) Photovoltaic Technology Co. Ltd., develop patented and proprietary solar related processes and technologies, and manufacturing and sell proprietary solar products. The Corporation currently manufactures solar photovoltaic (PV) panels in its new manufacturing facilities in Shanghai, China and in a contracted manufacturing facility in Shenzhen, China using its proprietary patent pending Spraytek(r), Kruciwatt(r) and ESS process and its own QLite designs. QSolar products were initially introduced by QSolar in July 2010 and have attracted significant interest, orders and letters of intent from European and U.S. markets generated by its sales office representatives. QSolar Spraytek(r) panels offer several advantages over competing products as they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection, significant weight savings over existing competitors PV modules, longer life and cost less than equivalent solar products, and are now offered in various sizes and colors. In addition, QSolar offers solar panels with positive tolerance which means that the customer will get a guaranteed output which can be up to 5% more than the actual specifications.
Additional information on the operations or financial results of QSolar Limited are included in reports on file with applicable securities regulatory authorities and may be accessed through the CNSX website (www.cnsx.ca) and Sedar website (www.sedar.com) under the profile for QSolar.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andreas Tapakoudes, Chief Executive Officer
Preston J. Maddin, CFO
The CNSX has neither approved nor disapproved the contents of this press release. The CNSX does not accept responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.
Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether QSolar Limited is able to meet price, performance, quality and delivery requirements. Although QSolar believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. QSolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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Source: QSolar Limited (CNSX: QSL) www.qsolar.net
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