NANJING, China, Jan. 12,
2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd.
(NASDAQ: CSUN) ("China Sunergy" or the "Company"), a specialized
solar cell and module manufacturer, announced today that it has
appointed Mr. Yongfei Chen,
previously the acting Chief Financial Officer of the Company, as
the Chief Financial Officer (the "CFO"), effective immediately.
Under the employment agreement between China Sunergy and Mr. Chen,
he is employed for an initial three-year term.
Mr. Chen has been the acting CFO of the Company since
November 2010. From 2003 to
October 2010, Mr. Chen worked in
China Electric Equipment Group
Co., Ltd., or CEEG, China Sunergy's affiliated company, where his
last role was as general manager of the finance department. Prior
to that, Chen was an accountant at Yangzhong Sub-branch of China
Construction Bank from 1997 to 2002. Mr. Chen graduated from
Yanshan University in Hebei, China
with a bachelor's degree in industrial management engineering in
1997. He is currently a PRC Certified Public Accountant.
Stephen Cai, China Sunergy's CEO
and also one of the executive directors, said: "Mr. Chen has
excelled as acting CFO and we are pleased to officially confirm
Yongfei Chen's appointment to this
key position. We will benefit from his knowledge, experience, and
network, and we expect that his further service to CSUN will
provide us valuable continuity. Chen has the Board's full support
to serve in this decision-making role, and we believe he will
contribute to our future success."
"I am honored to be appointed as the CFO of China Sunergy,"
commented Mr. Chen. "I am deeply committed to China Sunergy's
long-term success, and I will be able to continue to play a key
role in the Company's expansion and development."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar
cell and module products in China.
China Sunergy manufactures solar cells from silicon wafers, which
utilize crystalline silicon solar cell technology to convert
sunlight directly into electricity through a process known as the
photovoltaic effect, and assembles solar cells into solar modules.
China Sunergy sells these solar products to Chinese and overseas
module manufacturers, system integrators, and solar power systems
for use in various markets. For more information, please visit our
website at http://www.chinasunergy.com.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Elaine
Li
Phone: + 86 25 5276
6696
Email:
Elaine.li@chinasunergy.com
Brunswick Group
Hong
Kong
Ginny
Wilmerding
Phone: +
852 3512 5000
Email:
csun@brunswickgroup.com
|
Hong
Kong
Xiaoxiao
Nina Zhan
Phone: +
852 3512 5000
Email:
csun@brunswickgroup.com
|
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical facts in this announcement are forward-looking
statements. These forward-looking statements are based on current
expectations, assumptions, estimates and projections about the
Company and the industry, and involve known and unknown risks and
uncertainties, including but not limited to, the Company's ability
to raise additional capital to finance the Company's activities;
the effectiveness, profitability, and the marketability of its
products; litigations and other legal proceedings, including the
ultimate outcome of any decisions by the ITC and DOC on the
petitions filed; the economic slowdown in China and elsewhere and its impact on the
Company's operations; demand for and selling prices of the
Company's products, the future trading of the common stock of the
Company; the ability of the Company to operate as a public Company;
the period of time for which its current liquidity will enable the
Company to fund its operations; the Company's ability to protect
its proprietary information; general economic and business
conditions; the volatility of the Company's operating results and
financial condition; the Company's ability to attract or retain
qualified senior management personnel and research and development
staff; future shortage or availability of the supply of raw
materials; impact on cost-competitiveness as a result of entering
into long-term arrangements with raw material suppliers and other
risks detailed in the Company's filings with the Securities and
Exchange Commission. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. Although the Company believes that the
expectations expressed in these forward looking statements are
reasonable, they cannot assure you that their expectations will
turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results.
SOURCE China Sunergy Co., Ltd.