WATERLOO, ON, Jan. 12 /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 that preliminary results indicate that its shipments of photovoltaic ("PV") cells in the fourth quarter ended December 31, 2009 are expected to be approximately 7.0MW. This is in keeping with the Company's expectations and represents a 100% increase from the 3.5MW shipped in the third quarter of 2009. Further, ARISE's total PV cell shipments for 2009 are expected to exceed 15.0MW as per the guidance issued by the Company in November 2009.
ARISE also reported that preliminary results indicate that revenues for the fourth quarter of 2009 are expected to total approximately $11.3 million, compared to $18.9 million in the fourth quarter of 2008. Total revenue for the year ended December 31, 2009 is expected to be approximately $31.7 million, compared to $35.7 million for the year ended December 31, 2008. These results are based on unaudited preliminary company data and may be subject to final adjustment.
"During the fourth quarter, we saw further improvements in key areas of our business. We are encouraged by these results as they mark a third consecutive quarter of increased shipments, and point to an ongoing increase in demand for PV solar cells," said Vern Heinrichs, President and Chief Executive Officer. "The German solar market continues to show encouraging signs of recovery and appears poised to achieve solid growth throughout the first half of 2010. In Canada, our Systems Division is currently working on a number of initiatives to capitalize on the Ontario FIT program and the acceleration of the Ontario solar market's development."
In March, ARISE expects to release its 2009 fourth-quarter and year-end 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 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: Contact: 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