Canadian Solar Wins Court Case in Relation to Contract Dispute with LDK
GUELPH, Ontario, May 20, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Jiangsu Suzhou Intermediate Court dismissed the request by LDK Solar Co., Ltd. (NYSE: LDK) to enforce the arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission in the amount of RMB 248.9 million (approximately US$ 40.1 million). This arbitration award relates to wafer supply contracts entered into between Canadian Solar and LDK in October of 2007 and June of 2008, and subsequently terminated. The total amount of the award includes the initial deposit of RMB 60.0 million (approximately US$ 9.7 million), but excludes approximately RMB 2.0 million to cover arbitration expenses.
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented, "We are delighted with the Jiangsu Suzhou Intermediate Court's decision in our favor. We believe we have conducted our business properly at all times and we will continue to advocate cooperation rather than confrontation within the solar industry."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 4GW of premium quality solar modules to customers in over 50 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2013. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
CONTACT: Investor Relations Contacts: Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., firstname.lastname@example.org; David Pasquale, Global IR Partners, +1-914-337-8801, email@example.com
SOURCE Canadian Solar