2014-01-08 15:05:48 -
Calgary, Alberta CANADA, January 08, 2014 /FSC/ - QSolar Limited (QSL - CSE), ("QSolar" or the "Corporation") is pleased to announce that Dr. Zijian Zhou, Shanghai, China has been appointed to the board of directors as an independent director of QSolar effective January 6, 2014. Dr. Zhou was recommended to the board of directors by and as Mr. JunLiang Xie's nominee and replacement on the board of directors. The board accepted Mr. Xie's resignation from the board of directors and this vacancy was immediately filled with the appointment of Dr. Zhou's. Dr. Zhou is a consultant to Mr. Xie, Chairman of the Zhoufa Group, Zhoushan, China, a company which is involved in investment and renewable energy in China. Due to
Mr. Xie's business time constraints, Dr. Zhou's appointment will allow further collaboration to be committed to QSolar while continuing to have access to Mr. Xie, his support and corporate resources in China.
Andreas Tapakoudes, CEO, stated on behalf of the board of directors, "QSolar welcomes Dr. Zhou and is most impressed with his wealth of experience, management caliber, business integrity and knowledge of the Chinese and worldwide solar markets. We also appreciate Mr. Xie's contributions to date and look forward to Mr. Xie's continuing association with QSolar along with Dr. Zhou."
Dr. Zhou received his bachelor of engineering (B. Eng.) in 1987 and masters of engineering (M. Eng.) in 1991 from Beijing University of Posts and Telecommunications. He received his Ph.D. from the University of Montreal, Canada in 1997.
Dr. Zhou is responsible for the solar initiative with the Zhoufa Group, has a solid industrial and professional background and experience in corporate investment and business development, management and operations, sales and technology. Dr. Zhou's background has also provided strong abilities in deal structuring and corporate strategic development. Dr. Zhou has varied management experience for both growth companies as well as start-ups and has executed the whole cycle of a number of merger and acquisition ("M&A") and investment transactions, buyer and seller sides, including the disposition of a carve-out business to Cisco Systems covering all aspects of the M&A process. Dr. Zhou has also acted as CEO and or Executive Director for acquired or invested companies for transition or integration in the M&A process.
From 2007 to 2013, Dr. Zhou was vice-president and general manager of investment and business development for DVN (Holdings) Limited ("DVN"), a Hong Kong Stock Exchange ("HKSE") listed company and responsible for business development, corporate investment and management of acquired and invested companies for the transition and integration periods into DVN. In 2010, Dr. Zhou was mandated with disposing of DVN's cable set-top box business , the number one market share cable holder in mainland China at the time, to Cisco Systems, being Cisco's first acquisition in China. From 2005 to 2007, Dr. Zhou was a partner with Cybernaut Investment Management (China) Company, Hangzhou, China with primary responsibility for early stage investment in the technology, media and telecommunications areas. From 2004 to 2007, Dr. Zhou was Deputy Chief Engineer for China Unicom, Zhejiang Branch, Hangzhou, China where he was primarily responsible for mobile service applications. From 1996 to 2002, Dr. Zhou held senior engineer positions with Nortel (Ottawa, Ontario), Texas Instruments (Dallas, Texas) and Cisco Systems (Dallas, Texas).
The Corporation is also pleased to provide an update to its announcement in its December 17, 2013 news release regarding the development of the QSS solar module range of products and shipping of QSS250W solar modules to the independent TUV SUD laboratory in the United States to commence certification testing. The goal of the testing is to obtain TUV SUD UL1703 certification, CSA UL Mark, including IFE CSA audit, fire test, TUV SUD IEC61215 and IEC61730 certification, and universal CB report and certificate for access for country specific certifications. The Corporation reports that TUV SUD (Jiangsu TUV Product Service Ltd., Shanghai Branch)("TUV SUD"), which is conducting the above testing certifications and associated testing procedures, continues to work and communicate closely with the Corporation, and has provided some preliminary recommendations for product modification observed during some of the tests in the testing process. Based on the observations from TUV SUD, the Corporation is performing the enhanced modifications and is submitting additional modified samples for continued testing for this product.
The recommendation is an enhanced modification of the corner protection that is lightweight and non-conductive resulting in no electrical grounding requirement. This significant improvement will ultimately result in significant savings in installation time and costs for installers wiring the system by not requiring a ground. The United States testing facility will recommence testing under this project upon completed additional internal testing by the Corporation incorporating the corner protection and receipt of the modified samples. This additional internal testing is not expected to cause delay in the ongoing certification process.
About QSolar Limited
QSolar trades under the symbol QSL on the Canadian Securities Exchange ("CSE").
QSolar Limited (www.qsolar.net) and its wholly-owned subsidiary, QSolar Ltd., and its wholly-owned subsidiary, QSolar (Shanghai) Photovoltaic Technology Co. Ltd., develop proprietary trade secret solar related processes and technologies, and manufacture and sell proprietary solar products. The Corporation currently manufactures solar photovoltaic (PV) panels in Shanghai, China using its proprietary trade secret Spraytek(r) and ESS process and its own QLite and QSS family designs. 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 and durability features over existing competitors PV modules.
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:
Gary Perkins, Investor Relations
Tekkfund Capital Corp.
Telephone: 416- 882-0020
Andreas Tapakoudes, Chief Executive Officer
Preston J. Maddin, Chief Financial Officer
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
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 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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