Universal Solar Technology Inc. Second Quarter 2010 Results
16 August 2010 - 11:01PM
Business Wire
Universal Solar Technology Inc. (UNSS.OB), a developer of solar
grade ingot, wafers and high efficiency solar photovoltaic modules,
announced results for the second quarter ended June 30, 2010.
The Company did not have revenues during the second quarter
while it focused on completion and startup of the first phase of
the new production facilities in Nanyang City, Henan Province. Net
loss for the three months ended June 30, 2010 was $207,614 compared
to $92,448 for the second quarter of 2009 as a result of the
combination of the absence of revenue, and increase in
administration and personal expenses. The number of employees has
increase from 4 to 114 at the end of the second quarter of 2010
compared to the same period in 2009.
Wensheng Chen, the Board Chairman and CEO of the Company said of
the progress, “As of to date, we have completed testing of 8 ingot
growers and continue to acquire more equipments to expand the
production volume. We obtained operating permits for our high
pressure container to be used in our silicon ingots department.
During the second quarter of 2010 we have accepted delivery of
water cooling system, multi-wire saw and framing machine. We have
produced 100,000 pieces of wafers and each may sell $2-$3in the
current market. We have hired total 114 employees by the end of
June and total 158 employees as of today. For the PV module
departments, two assembling groups are under training and may start
the production in August. We expect to be in full production by
September, 2010.”
Mr. Chen continued, “The Company is now focused on marketing and
new customer development.”
In June UNSS announced the signing of a sales contract for
$32,600,000 with a group that is part of the largest electricity
producer in the Czech Republic. The contract calls for the delivery
of 20MW of monocrystaline solar modules to be delivered by the end
of 2010. After signing the contract, C.T.O. requested to amend the
contract and delay the payment. As of today, we have not received
the deposit from our counter party.
In July the Company exhibited at Intersolar North America 2010
held in San Francisco. Mr. Chen noted, “We are very pleased by our
reception at this trade show and that we have many sales leads to
follow. Visitors to the exhibit were interested in our new factory
and production equipment. We expect UNSS will grow quickly becoming
a highly efficient supplier to a very rapidly growing market for
solar PV products.” Intersolar North America continued its
long-standing international focus with trade visitors representing
66 countries and exhibiting companies from 26 countries, reflecting
the global perspectives of the solar industry. Over 20,000 trade
visitors attended.
The Company also noted that during the six months ended June 30,
2010, the Chairman, Mr. Chen, other officers and companies they
control advanced the Company $1,583,628.
Please refer to our 10Q report filed today with the Securities
and Exchange Commission for additional information on the results
and operations.
ABOUT UNSS
Universal Solar Technology Inc. manufacturers solar products and
provides solar power systems using advanced manufacturing
technologies and equipments. Products include solar-grade silicon
material (ingots and wafers), solar modules, solar lights and solar
power systems. Arizona State University Photovoltaic Testing
Laboratory has certified that UNSS Photovoltaic Modules satisfy the
standards and requirements of the International Engineering
Consortium and has passed the standards for selling products to
countries in the European Union. www.ustnevada.com/en
Universal Solar has completed the first stage of construction of
its new production facility that will have annual production
capacity 50MW silicon ingots, 20MW solar wafers and 30 MW solar PV
modules. The Company expects to be a highly efficient,
international supplier to a very rapidly growing market for solar
PV products. Government incentives and the worldwide push for
renewable sources of energy are driving the expansion of the
photovoltaic energy industry.
Forward Looking Statements:
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any such forward-looking statements involve risk and uncertainties
that could cause actual results to differ materially from any
future results described by the forward-looking statements. Risk
factors that could contribute to such differences include those
matters more fully disclosed in the Company's reports filed with
the Securities and Exchange Commission. The forward-looking
information provided herein represents the Company's estimates as
of the date of this document, and subsequent events and
developments may cause the Company's estimates to change. The
Company specifically disclaims any obligation to update the
forward-looking information in the future. Therefore, this
forward-looking information should not be relied upon as
representing the Company's estimates of its future financial
performance as of any date subsequent to the date of this
document.
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