2013-10-24 17:02:17 -
Calgary, Alberta CANADA, October 24, 2013 /FSC/ - QSolar Limited (QSL - CNSX"QSolar" or the "Corporation") is pleased to announce that further to a news release dated May 23, 2013, QSolar (Zhoushan) Photovoltaic Technology Co. Ltd. ("QSolar (Zhoushan, a wholly-owned subsidiary of QSolar (Shanghai) Photovoltaic Technology Co. Ltd. ("QSolar (Shanghai has now commenced the installation of its first production line in Zhoushan City, Zhejiang, China. This development has been facilitated after negotiations with local government and Zhoushan economic zone officials assisted by Mr. JunLiang Xie, a director and the controlling shareholder of QSolar's largest shareholder, Centrium Enterprises Limited ("Centrium
The initial installation of a scalable photovoltaic ("PV") solar panel production line by QSolar (Zhoushan) will be located in a newly
constructed and leased Zhoushan factory site located in the Zhoushan economic zone and is in close proximity to QSolar's Zhoushan pilot project. QSolar has been advised that the Zhoushan factory space has been provided by the local government at no lease cost for the first two years. The first production line will be capable of completing initial production of up to approximately 1 MW per month. The production line will be scalable to accommodate the manufacture future orders anticipated to be received locally and supported by government regional initiatives to "roll-out" solar projects. All manufacturing processes involving QSolar's proprietary Spraytek99(r) and ESS process will be undertaken to the curing stage in QSolar's Shanghai factory and then further manufacturing processes completed on the Zhoushan production line to final products as required. Management views this strategy as being cost effective as the solar market materializes in the region.
Further scalable ramp-up by QSolar is contingent on Zhoushan local government policy and purchasing decisions. It is anticipated that new production line workers required for the Zhoushan facility will be hired from local government hiring agencies and trained by QSolar (Shanghai) personnel and is subject to local hiring and housing constraints. The initial local employment count is expected to be 15 manufacturing employees on this production line start-up.
QSolar 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 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, 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.
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 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 the press release as a PDF file, please click on the following link:
Source: QSolar Limited (CNSX: QSL) www.qsolar.net
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