(Source: Business Wire)
Evolution Solar Corporation (PinkSheets: EVSO) announced today that it is moving its primary business office to China. New technologies, such as thin film solar, are emerging from China at an impressive rate. The Company feels China represents an ideal base for operations for two reasons: first, use of solar in China is growing very rapidly due to strong government incentives, and second, China will serve as a source of products at competitive prices to allow the company to engage in projects in other parts of the world.
New management is expected to take the helm as the company begins its focus on China as a source of operations. The Company will have a U.S. subsidiary that will manage and supervise opportunities in the United States.
"This step allows us to gain significant efficiencies in both serving the Chinese market and sourcing products for the United States," stated Robert Kaapke, CEO of Evolution Solar Corp. "We expect our China office to drive rapid growth in the company in the months ahead."
China's new $2.70 per watt government solar incentive has delivered a strong stimulus to solar stocks. China's stimulus program represents a 50% government participation in the cost of many solar projects. Clearly this changes the economics for solar companies with a footprint in China. Yingli Green Energy Holdings (NYSE: YGE) was up 43% on the news. ReneSola (NYSE: SOL) was up 31% and Suntech Power Holdings (NYSE: STP) was up 50%.
About Evolution Solar Corporation
Evolution Solar Corporation, (EVSO), commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities.
For more information, visit http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
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