NANJING, China, March 13, 2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that the Company has adopted PowerClip extended warranty insurance solution for its solar module products from PowerGuard Specialty Insurance Services ("PowerGuard"), a firm located in California, U.S.A. Power Guard specializes in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
With this warranty insurance solution conceived and managed by PowerGuard, China Sunergy offers its customers back-to-back coverage on 10-year warranties for defects in materials and workmanship and a minimum power output warranty over 25 years for substantially all of its solar module products sold worldwide.
The PowerClip extended warranty insurance solution provides certainty and security, and its warranty insurance terms are non-cancellable. The insurance solutions will survive even in the event of the insurance holder's insolvency and bankruptcy.
"We are glad to work with China Sunergy on implementing the warranty insurance solution from PowerGuard," said Mike McMullen, Managing Principal of PowerGuard. "We will continue to support the development and success of solar companies like China Sunergy in the global renewable energy industry with unique, industry-leading products and services."
Mr. Stephen Cai, CEO of China Sunergy, said, "Adoption of this warranty insurance solution offers our customers more security and confidence in our products' reliability and high performance. This will further strengthen our brand advantage and help diversify our customer base."About PowerGuard Specialty Insurance Services
PowerGuard is a specialty renewable energy program manager specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufactures, project developers, power generation operators and the financial institutions who invest in them.
PowerGuard's PowerWrap Solar Project Guarantee Policy is a simple and straightforward insurance policy that guarantees the performance of the entire solar energy system - written on investment grade paper with an insurance company holding an AA- rating from Standard & Poor's. For more information please visit www.powerguardins.com
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.
Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including the ultimate outcome of any decisions by the ITC and DOC on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, the future trading of the common stock of the Company; the ability of the Company to operate as a public Company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
SOURCE China Sunergy Co., Ltd.