MONTREAL, Feb. 3 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), a leading producer and provider of high-purity metals, compounds and wafers for electronic applications, announced today that it has signed a new recycling agreement and three new supply agreements with First Solar, Inc., a global leader in solar photovoltaic technology. The new agreements, which run until December 31st, 2015, replace the original recycling and supply agreements between 5N Plus and First Solar, as amended.
Under the new agreements, First Solar has agreed to increase the minimum prescribed quantities of cadmium telluride (CdTe) that it will order from 5N Plus. The increase in the quantity of cadmium telluride (CdTe) to be ordered by First Solar will initially be 30% and will reach 60% by 2013, when compared to the minimum quantities prescribed in the original agreements between 5N Plus and First Solar.
5N Plus today also announced plans to build a new recycling plant in Malaysia, in order to position itself to meet growing customer demand. The new Malaysian plant, which is expected to be operational by mid-2012, is intended to expand 5N Plus' recycling presence in Asia and provide recycling services for various solar cell manufacturing by-products, including those produced by First Solar.
"We are very pleased to have extended our relationship with First Solar, the world's leading thin-film solar module manufacturer," said Jacques L'Écuyer, President and Chief Executive Officer of 5N Plus. "Our new agreements with First Solar will provide us with a solid and predictable revenue stream for the next five years and allow us to enhance our presence in the rapidly growing Asian market."
About 5N Plus Inc.
5N Plus Inc. draws its name from the purity of its products, 99.999% and higher (five nines or 5N). Its head office is located in Montreal, Québec. 5N Plus owns three material subsidiaries, 5N PV GmbH (Eisenhuttenstadt, Germany), Firebird Technologies Inc. (Trail, BC) and 5N Plus Corp. (Deforest, Wisconsin). 5N Plus is a fully-integrated producer and closed-loop recycler of highly-purified metals, compounds and wafers. We use a range of proprietary and proven technologies to produce metals such as tellurium, cadmium, germanium, indium, antimony, selenium and related compounds, including cadmium telluride, cadmium sulphide and indium antimonide. Our products are critical precursors that customers use in a number of electronic applications, including the rapidly-expanding solar (thin-film photovoltaic) market, for which we are a major supplier of CdTe, as well as the radiation detector and infrared markets.
Forward-Looking Statements and Disclaimer
Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to 5N Plus Inc. (''5N Plus'') at the time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the amount of revenues that 5N Plus will receive from the new recycling and supply agreements with First Solar, Inc. referred to in this press release. 5N Plus disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward- looking statements.
Additional information about 5N Plus is available on its Web site at www.5nplus.com.
SOURCE 5N PLUS INC.
For further information: Jacques L'Écuyer, President and Chief Executive Officer, 5N Plus Inc., (514) 856-0644, firstname.lastname@example.org