MOUNTAIN VIEW, Calif., March 20, 2012 /PRNewswire/ -- Solar EnerTech Corp. (OTCQB: SOEN) today announced that it has retained FTI Consulting to review and explore strategic alternatives for the Company and has appointed a member of FTI Consulting as Chief Restructuring Officer. In addition, the Company announced that it has filed a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily deregister its common stock, par value $0.001 per share under the Securities Exchange Act of 1934, as amended.
Upon the filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately be suspended. The Company expects that the deregistration of its common stock will become effective 90 days after the date of filing of the Form 15 with the SEC. Thereafter, the Company will no longer be subject to the SEC's public reporting requirements.
Solar EnerTech's CEO, Leo Shi Young, explained, "As the Company's liquidity and financial position continues to be more and more challenging and certain outstanding obligations become due, we have retained FTI Consulting to help us assess our situation and develop a plan for maximizing the return to our stakeholders. Our Chief Restructuring Officer will enable us to focus efforts on pursuing the strategic options available to us while management can continue its focus on Company operations. In addition, we have carefully evaluated the advantages and disadvantages to the Company of continuing registration with the SEC, and in light of the costs and administrative burdens associated with being a public company, our board has determined that deregistering will result in significant cost reductions necessary given the Company's liquidity and financial position."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic solar energy cell manufacturing enterprise incorporated in the United States with its corporate office in Mountain View, California and operations in China. For additional information regarding Solar EnerTech, please visit http://www.solarE-power.com.
Safe Harbor Statement
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Solar EnerTech undertakes no obligation to update publicly any forward-looking statements.
SOURCE Solar EnerTech Corp.