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Suntech Power Establishes Wholly Owned Subsidiary In The Unites States

Posted on 2006-08-10
WUXI, China and OLNEY, Md., Aug. 10 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic (PV) cells, announced that it has established Suntech America, Inc., a wholly-owned Delaware corporation, as part of a long-term strategy to establish a major market for its solar modules and solar cells in North America.
''Suntech is a fast growing player in the solar market, and we are especially interested in the long-term potential of the US market for residential and commercial applications,'' commented Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer. ''Through our US subsidiary, Suntech America, we intend to establish long-term relationships with US companies that share our vision of promoting the uses of alternative energy.''
Mr. Roger Efird has been named as President of Suntech America and will also serve on its board of directors. For the last 20 years, Mr. Efird has been actively involved in solar module sales, distribution, and marketing. ''Our immediate objectives include the continuation of a regular, dependable supply of solar modules to our existing customers, the establishment of a warehouse facility on the west coast, and pursuing new relationships with US customers,'' said Mr. Efird. ''The long-term solar wafer supply agreement we recently entered into will better position us to expand our market share in the United States.''
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by production output of solar cells in 2005. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's customers are located in various markets worldwide, including Germany, Spain, China and the United States. For more information, please visit http://www.suntech-power.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as ''will,'' ''expects,'' ''anticipates,'' ''future,'' ''intends,'' ''plans,'' ''believes,'' ''estimates'' and similar statements. Among others, statements regarding Suntech's beliefs and expectations about the expected benefits of the establishment of Suntech America, Inc. are forward looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. Suntech does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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