ICP Solar Technologies Inc. (OTCBB: ICPR, FRANKFURT: K1U), a developer, manufacturer and marketer of solar cells and products, announced today it has signed a two year supply agreement with Shanghai Electric Solar Energy Co.
Shanghai Electric is the single largest Chinese enterprise engaged in the design, manufacture and sale of mechanical and electrical equipment. The group's products cover more than ten industries ranging from Power Generation Equipment, Power Transmission and Distribution Equipment, Electromechanical integration equipment, Transport Equipment and Environmental Protection.
"This two year agreement enhances our position as a developer of innovative solar solutions," said ICP Solar CEO and Chairman, Sass Peress. "This deal ensures that we will receive timely supply of solar modules at favorable prices and payment conditions in a market of tight supply and coupled with the company's existing supply agreements, the company has now secured a majority of solar cell requirements for its 2008 planned production."
"The importance of aligning ourselves with top quality business partners becomes more evident as we continue to increase our scale," said Laurent Lafite, Vice President Marketing and Global Strategy. "We are continually evaluating our relationships in order to secure the best components and services and enhance the total value proposition and Sunsei® experience for our customers."
About ICP Solar Technologies, Inc.
ICP Solar is a developer, manufacturer and marketer of solar cells and solar cell based products and building materials. Through the application of next-generation technologies and use of proprietary intellectual design the Company aims to be the industry's innovation leader. For the past 19 years, ICP Solar has led the consumer market through innovation and has now begun to apply that same philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. The company's headquarters are located in Montreal, Canada, with additional locations in the USA, Spain, Ireland and France.
Corporate information may be found at www.icpsolar.com.
The forward-looking statements herein include, but are not limited to, the expected expansion of our solar solutions into Europe Middle East, Asia and Africa. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent SB-2 filing with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.
