ARISE Technologies Announces Preliminary First Quarter Results
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.
-30-
/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,
gwilliams@equicomgroup.com/ |
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