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April 16 2009 - China Solar & Clean Energy Solutions, Inc. ("CSOL" or "China
Solar" or the "Company") (OTC Bulletin Board:
CSOL), a premier manufacturer and distributor of solar water heaters,
renewable energy solutions, and space heating devices in the People's Republic
of China, today reported its financial results for the year ended December 31,
2008 and announced two new additions to its senior management team -- Mr. Edward
Chan and Dr. Weizhong Xiang as Chief Operating Officer and Chief Technology
Officer, respectively.Full Year 2008 Results;
Revenues for 2008 increased 44.8% to $53.7
million, compared to $37.1 million for 2007, driven by higher revenues from the
Heat Pipe and Energy-saving segments. Heat Pipe revenues increased 136% to $16.6
million from $7.0 million in 2007, as CSOL did not begin to sell Heat Pipe
related products until its acquisition of Tianjin Huaneng on July 1, 2007, and
therefore, Heat Pipe revenue in 2007 only reflected 2H07 total sales.
Energy-saving revenues increased 169% to $9.1 million, versus $3.4 million in
2007, as the Company completed its acquisition of Shenzhen PengSangPu ("SZPSP")
in March 2008. During the year, revenues for the Solar Heater/Biomass
Stove/Boiler ("Solar-Biomass-Boiler") segment decreased by $1.6 million to $25.1
million in 2008, as the Company accounted for the sales of certain products of
this segment under a new fourth segment and, to a lesser extent, due a decrease
in the selling prices as a result of increased competition. In 2008, the Company
added a new revenue segment named Solar Heat Collector and Others and recorded
$3.0 million of revenues in this segment, as compared to zero in 2007.
Mr. Deli Du, Chief Executive Officer and President of CSOL, commented, "While
I'm pleased that our total revenue increased 45% in 2008, in retrospect, fiscal
year 2008 was a transition year for CSOL. Although we have successfully
integrated our acquisitions of Tianjin Huaneng and SZPSP and witnessed higher
revenues in their respective segments, we experienced lower selling prices and
gross margins in our Solar Heater segment. As we continued to invest into our
sales organization and manufacturing infrastructure, we have yet to realize the
full benefits from these investments and therefore incurred net losses for the
full fiscal year. I am, however, excited about the significant expansion of our
senior management team. In March, we announced the appointment of Ms. Veronica
Jing Chen, a seasoned executive with broad experience and proven leadership, as
our new Chief Financial Officer. Today, I am delighted to announce the creation
of two new senior positions of Chief Operating Officer and Chief Technology
Officer and the addition of two excellent members to our growing senior
management team, as we demonstrate our commitment to continue building a strong,
diverse and capable management team."
About China Solar & Clean Energy Solutions, Inc;
China Solar & Clean Energy Solutions, Inc. operates through its wholly owned
subsidiaries Bazhou Deli Solar Energy Heating Co. Ltd. ("Deli Solar (Bazhou)"),
Beijing Deli Solar Technology Development Co., Ltd., Shenzhen PengSangPu Solar
Industrial Products Corporation and its 51% ownership in Tianjin Huaneng Group,
all located in the PRC. The Company manufactures and distributes hot water and
space heating devices to customers in the PRC, in addition to waste heat
recovery systems.
Contact:
Web Site:
http://www.delisolar.com.
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