Daqo New Energy Signs Long-Term Contracts of Polysilicon Supply
CHONGQING, China, Sept. 19, 2013 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, today announced that its wholly owned subsidiary, Xinjiang Daqo New Energy Ltd., has signed long-term contracts with three Chinese leading wafer manufacturers to provide them with monthly supplies of polysilicon starting from September 2013 to December 2014.
According to the contracts, from September 2013 to December 2014, Xinjiang Daqo New Energy will provide over 70% of its output to the three customers. The selling prices will be discussed and decided based on spot market prices at the time.
"We are delighted to secure long-term sale agreements with our downstream partners and continue to provide them high quality polysilicon in a more consistent and stable manner," commented Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy. "As the solar PV industry starts to recover, we believe this type of long-term agreements will not only deliver great value to our customers but also pave solid ground for further growth of our polysilicon facilities in Xinjiang."
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) is a leading polysilicon manufacturer based in China. Daqo New Energy primarily manufactures and sells high-quality polysilicon to photovoltaic product manufacturers. It also manufactures and sells photovoltaic wafers. For more information about Daqo New Energy, please visit www.dqsolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the reports or documents we have filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and Daqo New Energy undertakes no duty to update such information, except as required under applicable law.
Daqo New Energy Corp.
Kevin He, Investor Relations
SOURCE Daqo New Energy Corp.