EX-99.1
3
v154631_ex99-1.htm
Unassociated Document
China
Solar & Clean Energy Solutions Announces Divestment
of
Shenzhen Subsidiary and Full Refund of Investment Paid
Transaction
to eliminate a drag on profits for China Solar as well as improve Company's cash
position
BEIJING,
July 9, 2009 / PRNewswire -- China Solar & Clean
Energy Solutions, Inc. (Formerly known as "Deli Solar (USA), Inc.") (OTC
Bulletin Board: CSOL) ("China Solar"), a premier manufacturer and distributor of
solar water heaters, space heating devices and renewable energy solutions in the
People's Republic of China ("PRC"), today announced that its wholly owned
subsidiary, Beijing Deli Solar Technology Development Co., Ltd. ("Deli-Solar
(Beijing)"), has entered into a definitive agreement of divestment of its 100%
equity interests in Shenzhen PengSangPu Solar Industrial Products Corporation
("SZPSP") to the local management of SZPSP.
The
transaction is expected to be completed by September 6, 2009. Under the terms of
the Agreement, Deli-Solar (Beijing) will recoup 100% of its investment in SZPSP
in two installments by early September. Deli-Solar (Beijing) will receive the
RMB28,800,000.00 (US$4,222,873.90) in cash and 939,364 shares in common stock of
China Solar it had paid to the shareholders of SZPSP for the purpose of
acquiring a 100% equity interest of SZPSP.
"The
divestiture of SZPSP will improve our cash position and is consistent with our
core strategy of focusing on profitable businesses", said Mr. Deli Du, Chief
Executive Officer of China Solar, "as we are actively pursuing a transformation
into a leading new energy solutions provider in China, it is necessary to take
measures to streamline our operation and leverage resources to focus on
profitable opportunities and effectively maximize our shareholders'
interests".
The weak
performance of SZPSP has been a drag on the financial results of China Solar for
the year 2008 and the first quarter of 2009. For the three months ended March
31
st
, 2009,
the total revenue from SZPSP was US$ 1,078,770, accounting for 17% of the total
rev enue for the period. The net loss from SZPSP was US$ 461,640 fo r the
period, or 49% of the total loss for the period.
About
China Solar & Clean Energy Solutions, Inc.
China
Solar & Clean Energy Solutions, Inc. operates through its wholly owned
subsidiaries including Bazhou Deli Solar Energy Heating Co. Ltd. ("Deli Solar
(Bazhou)"), Beijing Deli Solar Technology Development Co., Ltd. and Tianjin
Huaneng Group, all located in the PRC. The Company manufactures and distributes
solar energy appliances such as solar water heater, space heating devices and
solar insect killers. It also provides energy saving solutions to residential
customers and solutions to utilize industrial waste heat to industrial customers
in the PRC. For more information, please visit
http://www.delisolar.com.
Cautionary
Statement Regarding Forward Looking Information
Safe
Harbor Statement:
Certain
statements in this news release may contain forward-looking information about
China Solar & Clean Energy Solutions and its subsidiaries business and
products within the meaning of Rule 175 under the Securities Act of 1933 and
Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe
harbor created by those rules. The actual results may differ materially
depending on a number of risk factors including, but not limited to, the general
economic and business conditions in the PRC, market and customer acceptance and
demand for products, ability to market products, fluctuations in foreign
currency markets, the use of estimates in the preparation of financial
statements, the impact of competitive products and pricing, the ability to
develop and launch new products on a timely basis, the regulatory environment,
fluctuations in operating results, and various other factors beyond its control.
All forward-looking statements are expressly qualified in their entirety by this
Cautionary Statement and the risks factors detailed in the Company's reports
filed with the Securities and Exchange Commission. China Solar & Clean
Energy Solutions undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of this
release.
For more
information, please contact:
Peggy
Yuan
Investor
Relations
China
Solar & Clean Energy Solutions, Inc.
Tel: +86-10-6386-0500
Email:
ir@delienergy.com

EX - 99 . 1 3 v154631 _ ex99 - 1 . htm Un associated Document China Solar & Clean Energy Solutions Announces Divestment of Shenzhen Subsidiary and Full Refund of Investment Paid Transaction to eliminate a drag on profits for China Solar as well as improve Company 's cash position BEIJING , July 9 , 2009 / PRNewswire -- China Solar & Clean Energy Solutions , Inc . ( Formerly known as " Deli Solar ( USA ) , Inc . " ) ( OTC Bulletin Board : CSOL ) ( " China Solar " ) , a premier manufacturer and distributor of solar water heaters , space heating devices and renewable energy solutions in the People ' s Republic of China ( " PRC " ) , today announced that its wholly owned subsidiary , Beijing Deli Solar Technology Development Co . , Ltd . ( " Deli - Solar ( Beijing ) " ) , has entered into a definitive agreement of divestment of its 100 % equity interests in Shenzhen PengSangPu Solar Industrial Products Corporation ( " SZPSP " ) to the local management of SZPSP . The transaction is expected to be completed by September 6 , 2009 . Under the terms of the Agreement , Deli - Solar ( Beijing ) will recoup 100 % of its investment in SZPSP in two installments by early September . Deli - Solar ( Beijing ) will receive the RMB 28,800,000.00 ( US$ 4,222,873.90 ) in cash and 939,364 shares in common stock of China Solar it had paid to the shareholders of SZPSP for the purpose of acquiring a 100 % equity interest of SZPSP . " The divestiture of SZPSP will improve our cash position and is consistent with our core strategy of focusing on profitable businesses " , said Mr . Deli Du , Chief Executive Officer of China Solar , " as we are actively pursuing a transformation into a leading new energy solutions provider in China , it is necessary to take measures to streamline our operation and leverage resources to focus on profitable opportunities and effectively maximize our shareholders ' interests " . The weak performance of SZPSP has been a drag on the financial results of China Solar for the year 2008 and the first quarter of 2009 . For the three months ended March 31 st , 2009 , the total revenue from SZPSP was US$ 1,078,770 , accounting for 17 % of the total rev enue for the period . The net loss from SZPSP was US$ 461,640 fo r the period , or 49 % of the total loss for the period . About China Solar & Clean Energy Solutions , Inc . China Solar & Clean Energy Solutions , Inc . operates through its wholly owned subsidiaries including Bazhou Deli Solar Energy Heating Co . Ltd . ( " Deli Solar ( Bazhou ) " ) , Beijing Deli Solar Technology Development Co . , Ltd . and Tianjin Huaneng Group , all located in the PRC . The Company manufactures and distributes solar energy appliances such as solar water heater , space heating devices and solar insect killers . It also provides energy saving solutions to residential customers and solutions to utilize industrial waste heat to industrial customers in the PRC . For more information , please visit http://www.delisolar.com . Cautionary Statement Regarding Forward Looking Information Safe Harbor Statement : Certain statements in this news release may contain forward - looking information about China Solar & Clean Energy Solutions and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b - 6 under the Securities Exchange Act of 1934 , and are subject to the safe harbor created by those rules . The actual results may differ materially depending on a number of risk factors including , but not limited to , the general economic and business conditions in the PRC , market and customer acceptance and demand for products , ability to market products , fluctuations in foreign currency markets , the use of estimates in the preparation of financial statements , the impact of competitive products and pricing , the ability to develop and launch new products on a timely basis , the regulatory environment , fluctuations in operating results , and various other factors beyond its control . All forward - looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company 's reports filed with the Securities and Exchange Commission . China Solar & Clean Energy Solutions undertakes no duty to revise or update any forward - looking statements to reflect events or circumstances after the date of this release . For more information , please contact : Peggy Yuan Investor Relations China Solar & Clean Energy Solutions , Inc . Tel : + 86 - 10 - 6386 - 0500 Email : ir@delienergy.com