NANJING, China, Oct. 16, 2009 (PRNewswire-Asia) -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, announced today that the Court in Norway has granted an extension of the injunction against REC Wafer Norway AS relating to certain bank guarantees.
On October 15, 2009, the injunction against REC Wafer Norway AS previously granted by the Salten District Court in Norway would have expired. China Sunergy therefore applied for an extension of the injunction. At the same time, China Sunergy served a writ upon REC Wafer Norway AS claiming that REC Wafer Norway AS is not, and has never been, a party to the contract entered into between REC Sitec AS and China Sunergy.
On October 14, 2009, the court ruled that the injunction shall remain in force until the issue covered by the writ is resolved. In the ruling, the court found that it is "sufficiently proven probable that the REC has behaved in a manner that gives rise to a fear that the prosecution or the implementation of the claim will be made significantly more difficult [for China Sunergy] without the temporary court order."
In addition, the court found it "proven probable that China Sunergy has the right to resist the merger between REC SiTech and REC Scanwafer. It is specifically stated in the agreement that no third party has any rights under the agreement." Further, the court stated "[t]here is nothing indicating a payment default in this case."
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.
