NANJING, China, Dec. 2, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it has proposed to appoint Grant Thornton, China member firm of Grant Thornton International ("Grant Thornton"), as the Company's independent registered public accounting firm for the year ending December 31, 2014. The decision to engage Grant Thornton was made by the Company's Audit Committee and its Board of Directors and is subject to shareholder's approval at the Company's Annual General Meeting, among others.
The change of auditors was made as a part of the implementation of the new management's company-wide expense reduction plan. The Company will endeavor to work with the new auditor to ensure the timely filing of its annual report on Form 20-F for the year ending December 31, 2014. At the date of this press release, the Company is working with Deloitte Touche Tohmatsu Certified Public Accountants LLP ("Deloitte") and Grant Thornton to ensure a smooth transition.
"We sincerely express our appreciation to Deloitte for its commitment and high quality of service in the past years." Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, remarked, "We expect to cooperate with our new auditor team - Grant Thornton soon."
The Company and Deloitte have no disagreements, and the Board is not aware of any other matters, in relation to the change of auditors that need to be brought to the attention of the Shareholders.
About Grant Thornton
Grant Thornton, China firm of Grant Thornton International, is headquartered in Beijing, with approximately 150 partners and 3,000 professionals in 20 offices in China. Grant Thornton offers a full range of services including assurance, tax, advisory, asset valuation and project cost management. Grant Thornton serves a broad client base that encompasses more than 140 public companies and over 2,000 state owned enterprises (SOEs) and privately held businesses, as well as foreign-invested enterprises. For more information, please click http://www.grantthornton.cn.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ: CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com.
Investor and Media Contacts:
China Sunergy Co., Ltd. Investor Relations Phone: + 86 25 5276 6666 Email: IR@chinasunergy.com
Asia Bridge Group Limited Wendy Sun Phone: + 86 10 8556 9033 Email: firstname.lastname@example.org
Safe Harbor Statement
This announcement may contain 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 failure to maintain its listing qualification due to, among other things, volatility in the Company's ADS price; the Company's ability to raise additional capital or renew existing bank borrowings as they become due to finance the Company's activities; the Company's customers' financial condition and creditworthiness, and their ability to settle accounts receivables; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce 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, execution of our strategy to expand into downstream solar power businesses, 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, it cannot assure you that its 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.