posted: 43 DAYS 19 HOURS AGO
NANJING, China, Oct. 13 /PRNewswire-Asia/ -- China Sunergy Co., Ltd.
(Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China,
has delivered a petition for an extension of the existing injunction related
to the REC Wafer situation to the Norwegian court, as well as filing a legal
writ regarding the legal status of REC Wafer Norway AS as a rightful party to
any existing contract.
On September 11th, 2009 China Sunergy obtained an injunction at a district
court in Norway against REC Wafer Norway AS, prohibiting REC from drawing on
certain bank guarantees. The current injunction lasts until October 15th,
2009 and China Sunergy has now delivered a petition for an extension to the
Norwegian court.
Along with the petition, China Sunergy has served a writ at the same court
in Norway claiming that REC Wafer Norway AS is not, and has never been, a
party to the contract entered into between China Sunergy and the dissolved
company REC SiTech AS. Consequently REC Wafer Norway AS is not, and has never
been, entitled to claim any position according to the terminated contract.
The current actions relate back to September 9th, 2009, when REC Wafer
Norway AS terminated the Agreement for the Supply of Monocrystalline Silicon
Ingots and/or Wafers entered into between China Sunergy and the dissolved
company REC SiTech AS in 2008. At that time, REC Wafer Norway AS demanded
payment according to three on-demand bank guarantees, for a total of USD 50
million, issued by Nordea Bank Norge ASA on behalf of China Sunergy as
principal and three Chinese banks as sub-guarantors. China Sunergy disputes
REC Wafer Norway AS' position as beneficiary to the bank guarantees as well as
their position as a party to the contract. This view is supported by China
Sunergy's legal counsel in Norway and England.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized
manufacturer of solar cell products in China. China Sunergy manufactures
solar cells from silicon wafers utilizing crystalline silicon solar cell
technology to convert sunlight directly into electricity through a process
known as the photovoltaic effect. China Sunergy sells solar cell products to
Chinese and overseas module manufacturers and system integrators, who assemble
solar cells into solar modules and solar power systems for use in various
markets. For more information please visit http://www.chinasunergy.com .
For further information contact:
Peter Schmidt
FD Asia
Tel: +86-10-8591-1953
Email: peter.schmidt@fd.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 fact in this
announcement are forward-looking statements. These forward-looking statements
and 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; 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.