Daqo New Energy Signs Two-Year Framework Contract with a Leading Solar PV Company
CHONGQING, China, Dec. 16, 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. ("Xinjiang Daqo"), has signed a two-year spot-price polysilicon supply framework contract with a leading solar PV company.
According to the terms of the agreement, Xinjiang Daqo will supply polysilicon on monthly basis beginning January 2014 through December 2015. The contract will account for approximately 20% of Xinjiang Daqo's polysilicon capacity in 2014, and 15% in 2015. The selling prices will be discussed and decided based on spot market prices at the time.
"We are excited to establish such a long-term business relationship with this leading solar PV company. As the market keeps improving, we see stronger demands for polysilicon recently. It is the first contract that we signed for our 2015's capacity," commented Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy. "We are committed to creating value for our customers by providing high quality and low cost polysilicon products. We will continue to work closely with them to further improve the efficiency and performance of solar PV products in the future."
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.