2012-10-24 00:07:04 -

Calgary, Alberta, Canada - October 23, 2012 (CNSX:QSL) - QSolar Limited ("QSolar" or the "Corporation") is pleased to report that 6,945,500 share purchase warrants were exercised consisting of 1,171,500 brokers warrants and 5,775,000 private placement warrants at prices of $0.10 and $0.15 respectively prior to their expiration at 4:00 P.M. MST, October 19, 2012. There were a total of, 8,700,000 share purchase warrants due to expire on October 19, 2012, being 1,200,000 broker warrants and 7,500,000 private placement warrants. At the close of business October 19, 2012, 1,173,500 total warrants expired unexercised.

The warrant exercises represent a conversion of 79.8% of warrants to common shares and the receipt of total gross proceeds to the Corporation of $983,400.

In light

of the current general economic and stock market conditions, management is extremely pleased with the support offered by its current shareholders.

As at October 23, 2012, total common shares outstanding for the Corporation are 53,169,520 and total share purchase warrants outstanding are 2,996,219.

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 using its proprietary patent pending Spraytek(r)99, ESS process and its own QLite designs including the newly introduced QLiteX PV module. 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
QSolar Limited
Telephone: 011-44-7534-711-503
email: andreas@QSolar-Limited.com

Preston J. Maddin, CFO
QSolar Limited
Telephone: 403-617-0000
email: cfo@qsolar-limited.com



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.

Forward-Looking Statements

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:
www.fscwire.com/pr/qsolar10232012.htm