WATERLOO, ON, Aug. 26 /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 provided an update on its progress to date in the third quarter of 2010.
- Line Two running at full production volume
- Shipped over 10.8MW of PV cells in the first seven weeks of Q3, up
100% over same period in Q2
- PV cell shipments of 36.7MW year-to-date, a 403% increase over the
same period in 2009
- Systems business currently has 53 active projects
"To this point in the third quarter, we have continued to see increased demand for our products and an ongoing improvement in the PV solar cell market," said Vern Heinrichs, ARISE's President and Chief Executive Officer. "The successful ramp up to full production on Line Two at our German plant marks the successful completion of Phase One of our PV cell manufacturing plan. We continue to add new customers and have begun preliminary planning for the eventual commission of Lines Three and Four."
As ARISE moves into Phase Two of its PV cell manufacturing plan, management has identified three major objectives for the balance of this year:
1) Complete financing for Lines Three and Line Four as soon as
possible, with the objective of commissioning in 2011. ARISE is
currently in discussions regarding a variety of financing options
to expand capacity, including government loans and mezzanine debt.
Provided that funding can be obtained and lines Three and Four
successfully installed and commissioned, the company expects the
added production capacity to lead to economies of scale and lower
2) Finalize commercialization plans for proprietary silicon
technology and high efficiency PV cells. The company continues to
work on a strategic partnership for its silicon division and
expects to announce its plans before the end of the third quarter.
ARISE also expects to disclose more detailed plans on its high
efficiency PV cell program before the end of this year.
3) Continue to focus on improving operational performance and expense
management. ARISE is also continuing the integration process with
Sky Solar on its EPC (Engineering, Procurement and Construction)
joint venture and will provide regular updates on its progress.
Board and Management Changes
Effective August 15, 2010, Professor David Johnston resigned from the ARISE Board of Directors to focus on his recently announced role as Canada's governor general-designate. ARISE management wishes to thank Professor Johnston for his significant contribution to ARISE over the four years that he served on the Board and wish him all the best in his prestigious new role.
ARISE also announced today that Ian MacLellan, the company's founder, is returning to the role of Chief Technology Officer. Sjouke Zijlstra will become Senior Vice-President, Advanced Manufacturing and Klaus Goetsch has been appointed Managing Director of the PV cell factory in Bischofswerda.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is 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 misjudgements 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, email@example.com