Court of Appeal Rules in Favor of China Sunergy on The Dispute with REC WaferBy China Sunergy Co. Ltd., PRNE
Sunday, July 31, 2011
NANJING, China, August 1, 2011 -
China Sunergy Co., Ltd. (Nasdaq: CSUN) (”China Sunergy” or “The Company”), a specialized solar cell and module manufacturer, today announced that the Court of Appeal in Norway has ruled in favor of China Sunergy in relation to the dispute with REC Wafer Norway AS (”REC Wafer”).
After an oral hearing the Halogaland Court of Appeal on June 30, 2011, ruled in favor of China Sunergy and determined that REC Wafer was not, and had never been a party to the contract. As of a result of this, there will be no need for a further injunction with regard to a USD50 million bank guarantee.
The Court of Appeal made the following judgment:
- REC Wafer does not have, and has never had, the rights of a party pursuant to a contract entered into between REC SiTech AS and China Sunergy.
- REC Wafer is to pay, within two weeks of the pronouncement of the judgment, NOK306,084 and GBP91,502 to China Sunergy as compensation for costs relating to the District Court.
- REC Wafer is to pay, within two weeks of the pronouncement of the judgment, NOK357,335 to China Sunergy as compensation for costs relating to the Court of Appeal.
REC Wafer has stated they will appeal the decision made by the Court of Appeal.
In 2009 China Sunergy served a writ upon REC Wafer, claiming REC Wafer is not a party to the contract between China Sunergy and the dissolved REC Sitech AS. In July 2010 the Salten District Court in Norway ruled against China Sunergy in the case. The Company appealed the ruling in August 2010. The appeal hearing, originally scheduled for March 2011, was held in June 2011.
In parallel to the main dispute China Sunergy was granted an injunction with regard to a USD50 million bank guarantee raised according to the contract between China Sunergy and the dissolved REC Sitech AS. The Court of Appeal decided that the injunction was to remain in force until the Court of Appeal passed the judgment on the main case in June 2011.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at www.chinasunergy.com.
China Sunergy Co., Ltd. Elaine Li Phone: + 86 25 5276 6696 Email: Elaine.firstname.lastname@example.org Brunswick Group Hong Kong Hong Kong Ginny Wilmerding Xiaoxiao Nina Zhan Phone: + 852 3512 5000 Phone: + 852 3512 5000 Email: email@example.com Email: firstname.lastname@example.org
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 facts in this announcement are forward-looking statements. These forward-looking statements 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; litigations and other legal proceedings; 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.
Tags: August 1, China, China Sunergy Co. Ltd., Nanjing