In the opinion of Management, the results of the assessment were better than anticipated and the entire project team is optimistic that as construction continues ahead of schedule the Company should begin solar cell production during the 4th quarter of this year. The projected production capacity for the Shanghai-based facility is estimated at an output of 20 megawatts per production line. As the industry has seen recent prices increases, the Company currently estimates that each 10 megawatts of production translates into roughly $37.5 million in annual revenue. The Company's strategic plan continues to have the initial line well into production before the end of fiscal 2006.
During the assessment, Solar EnerTech's team randomly examined and was satisfied with the status of the ceiling-mounted environmental air cooling units on the first and second floor of the plant. Nearly a hundred of these A/C units make up an integrated system of temperature control inside the climactically sensitive manufacturing facility. Aiming to expand its human resources from both China and abroad, the team also reviewed the 2nd draft of the training manual for new employees, and further investigated and made some minor ergonomic changes to the production technicians' locker and shower rooms, in order to provide the most convenient and comfortable conditions for the plant employees.
Management was also pleased to note that some new faces had joined the company. Effective July 1st, 11 university graduates enrolled by the Company have begun their training program which includes overseeing numerous aspects of the critical installation and start up phase of the plant at Jinqiao Science and Technology Park. These graduates were recruited from Shanghai University and most of them specialize in micro-electronics and semiconductor applications.
Solar EnerTech's management is pleased to report that all areas of its endeavor are moving quickly towards fruition of its near term manufacturing goals, as well as towards providing a vehicle to apply the outcome of its sponsored, university-based, and soon to be implemented in-house research directly into a production and distribution environment.
About Solar EnerTech Corp. (
Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China, where the Company is establishing a sophisticated 42,000 square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.
On Behalf of the Board
Solar EnerTech Corp.
Leo Shi Young, President
Investor Relations Contact: Boundary Point Investor Relations Inc. 1-866-378-7372 http://www.solarenertech.com