WATERLOO, ON, April 14 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company") (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced preliminary results for the three months ended March 31, 2010.
The preliminary unaudited results indicate that the Company's shipments of photovoltaic ("PV") cells are expected to be approximately 13.9MW for the first quarter of 2010. This represents a 99% increase from the 7.0MW shipped in the fourth quarter of 2009. It also represents a significant increase from the 2.3MW shipped in the first quarter of 2009.
Revenue for the first quarter of 2010 is expected to total approximately $15.8 million, which represents a 39.8% increase from $11.3 million in the fourth quarter of 2009 and a 119% increase from $7.2 million in the first quarter of 2008. ARISE cautions that these results are based on unaudited preliminary company data and may be subject to final adjustment.
"During the first quarter, we saw further improvements in key areas of our business. We are encouraged by these preliminary results as they mark a fourth consecutive quarter of increased shipments, and point to an ongoing increase in demand for PV solar cells," said Vern Heinrichs, ARISE's President and Chief Executive Officer. "The European and Ontario solar markets are very active and we expect to continue to see strong demand throughout 2010 for PV cells, modules and systems. Subject to completing our financing, we currently expect Line Two at our German plant to be in full production before the end of the second quarter. We also continue to make progress in the silicon division and we are in discussions with several parties with respect to various options to move the technology into production."
"As we approach the second anniversary of producing our first PV Cell in Germany on April 17th, ARISE has now shipped over 40MW of PV cells representing more than $80 million in total revenue," concluded Mr. Heinrichs.
In early May, ARISE expects to release its 2010 first-quarter financial results and hold a conference call and webcast. Details on the timing will be provided closer to the release.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division has been providing PV solutions for solar farms and rooftop installations since 1996 throughout North America. ARISE is planning to expand its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings. Please refer to these. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, high debt levels, negative working capital levels, lack of profitability, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section of ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.
ARISE assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SOURCE ARISE TECHNOLOGIES CORPORATION
For further information: For further information: ARISE Technologies Corporation: 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, Doug McCollam, Chief Financial Officer, (519) 772-5706, Doug.McCollam@arisetech.com, www.arisetech.com; Investor Relations: Glen Williams, The Equicom Group, (416) 815-0700 ext. 272, firstname.lastname@example.org