- Third-quarter 2008 sales of PV cells exceeded $15 million (up from
$0.5 million in second quarter) and tracking to meet expected level of
$42-48 million for the year
- Company to announce third-quarter results late on November 11;
conference call and webcast at 8:30 a.m. (Eastern), November 12
WATERLOO, ON, Oct. 6 /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 its shipments and sales
of PV (photovoltaic) cells in the 2008 third quarter, ended September 30,
2008, met the guidance that it issued on August 11,2008.
"In the third quarter, ARISE met our target for ramping up our volume
shipments to customers of PV cells produced at our new manufacturing plant in
Bischofswerda, Germany," said Bart Tichelman, President and Chief Executive
Officer.
"With the release of our 2008 second-quarter results on August 11, we
stated that we expected second-half 2008 shipments of PV cells will total
between 14 and 16 megawatts, amounting to $42-48 million of revenues,
approximately a third of which will be in the third quarter. For the third
quarter, our actual PV cell sales to customers exceeded $15 million and we are
tracking to meet our guidance for the year. The ramping up of our
manufacturing and shipments follows the initial production and sales of PV
cells in the second quarter, which amounted to $460,676," Mr. Tichelman said.
ARISE Technologies expects to announce its 2008 third-quarter and
nine-month financial results after the close of trading on the Toronto Stock
Exchange on November 11 and will hold a conference call with webcast for
investors at 8:30 a.m. on November 12. The company will announce further
details regarding the call and webcast approximately one week prior to it.
About ARISE Technologies Corporation
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 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.
Forward-Looking Statements
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.
%SEDAR: 00017494E
