- Comments on revenue expectations for the quarter
- Initiating practice of holding conference calls and webcast following
release of quarterly financial results
WATERLOO, ON, July 7 /CNW/ - ARISE Technologies Corporation (TSX: APV and
Frankfurt: A3T), which is dedicated to becoming a leader in high-performance,
cost-effective solar technology, today announced that it expects to issue its
financial results for the second quarter and first-half ended June 30, 2008 on
August 11, 2008.
"With the issuance of our 2008 second-quarter financial results, ARISE
will initiate holding quarterly conference calls that will be webcast for the
investment community and our shareholders," said Dave Chornaby, Chief
Financial Officer. "This is consistent with what investors expect of companies
that wish to adhere to the best practices of investor relations, as is the
case for ARISE."
ARISE said that it will hold its conference call on August 12, 2008 at
8:30 a.m. EDT. The company will announce further details regarding the call on
August 5, 2008.
"While ARISE will still not report significant revenues from the sale of
photovoltaic (PV) cells for the second quarter, we have reached the point in
our growth and development where it is appropriate for us to begin having such
calls," Mr. Chornaby continued.
"Standard practices in our industry dictate that our customers will
conduct several months of rigorous testing prior to approving volume
shipments. This is the case with our first two major customers, aleo solar AG
and SOLON AG. Both have taken initial shipments and are carrying out their
testing. At this time we expect completion of their testing by some time in
August," he continued.
"We are in close communications with both customers and believe that the
testing is proceeding well. We are using this time productively at our German
plant to conduct Site Acceptance Tests for Line 1 towards achieving the
necessary targeted levels of efficiency, yield, and throughput."
"As to the second-quarter and first-half results," Mr. Chornaby said, "as
in recent quarters, we expect that our revenues will be modest, consisting of
those generated by our PV Systems Division as well as some initial shipments
of PV cells. We should see more meaningful volume and revenue from PV cell
shipments in the third quarter," he said.
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 percent. The PV Silicon Division is using a proprietary method
to produce silicon at 7N+ high-purity (99.99999 percent 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 provides complete
turnkey PV solutions for solar farms and rooftop installations under the
Ontario standard offer 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.
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, uncertainties associated with legal proceedings and negotiations,
industry supply levels, competitive pricing pressures and misjudgments in the
course of preparing 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.
For further information:
For further information: ARISE Technologies Corporation, 65 Northland
Road, Waterloo, Ontario, Canada, N2V 1Y8; Dave Chornaby, Chief Financial
Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com