2012-10-10 01:27:33 -
Calgary, Alberta CANADA, October 09, 2012 /FSC/ - QSolar Limited (QSL - CNSX)(the "Corporation"), is pleased to announce that further to the September 4, 2012 press release announcing the Corporation had been granted a 30 year business licence establishing a wholly-owned manufacturing enterprise in Caohejing Development Zone, Shanghai, China known as QSolar (Shanghai) Photovoltaic Technology Co. Ltd. ("QSolar Shanghai"), (Chinese name is Xu Hui (Shanghai) PV Technology Co. Ltd.), it has now been advised that QSolar Shanghai's initial registered capital of USD $200,000 has been verified by Chinese authorities in accordance with the Laws of the Peoples Republic of China Foreign Enterprises and other relevant regulations, through the Bank of China. As such, the initial capital is now available for
general corporate purposes in China. In addition, as a result of the verification of initial registered capital, QSolar Shanghai applied and has now been granted an import export licence from Chinese Customs authorities. 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 new entity's broad business scope will allow it to engage in producing, manufacturing and assembling solar panels or photovoltaic modules and accessories and the sale and exporting of those self-manufactured products. The total registered capital of QSolar Shanghai has been established at USD $1,000,000 with 20% of the registered capital now contributed with the remaining portion to be contributed in full within two years of the business licence having been issued to QSolar Shanghai. It is management's intention to reflect the legal structure in the third quarter with the vend-in of QSolar Ltd. Chinese division assets and liabilities effective July 1, 2012.
Among the most immediate benefits to QSolar Shanghai and the Corporation from the application and receipt of its own import export licence is the anticipated result of significantly lower transportation fees and costs and the anticipated increased contribution to profit margin from direct savings on shipping. Shipping of finished product will now occur directly from Shanghai, China rather than from Shenzen, China, where finished product was being shipped approximately 1,000 km from QSolar Shanghai's factory.
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., 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, 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 and QSolar Ltd. 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.
To view this press release as a webpage, please click on the following link:
Source: QSolar Limited (CNSX: QSL) www.qsolar.net
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