SOUTH SAN FRANCISCO, CA — (Marketwire) — 09/01/11 — (PINKSHEETS: WEMU) (“Worldwide” or the “Company”), a supplier of photovoltaic (PV) solar modules under the —- brand, today announced that the expansion to the Company–s new production, manufacturing and research facility in Nantong, China, will be completed in September 2011. This expansion to the facility provides the space for production capacity to double from its current level to 200 megawatts (MW) per year, if and when the added capacity is needed.
The addition to Worldwide–s Nantong facility, which comprises 12,000 square meters of manufacturing space, provides accommodations for up to 10 new production lines. The facility is owned by Worldwide–s Joint Venture subsidiary, Worldwide Energy & Manufacturing (Nantong) Co., Ltd. (“Nantong”). The subsidiary–s Research & Development (“R&D”) center, which is located in its Nantong facility, is focused on increasing system and module efficiency and is led by a team of experts in photovoltaic (PV) solar technology and manufacturing. The subsidiary–s R&D team has filed several patent applications in China to improve and expand its product portfolio.
“I am pleased to announce the pending completion of the expansion of our Nantong facility, which is the first U.S.-based renewable energy facility in the Rugao municipality in Nantong,” said Mr. Gary Koos, Chief Financial Officer of Worldwide. “Our future plans are to serve the global demand for solar products, and this new facility will allow us to provide our customers with lower cost solutions for a wide range of solar products and technology. I have traveled to China recently and have established a very solid working relationship with the management team of the subsidiary.”
As previously disclosed in the Company–s 8K that was filed August 4, 2011, management is working to determine the proper accounting for the transfer of equity of its Nantong Joint Venture subsidiary and then plans to file the necessary amended financial reports. In addition, the Company is in discussions with the management of Nantong regarding the future operations and ownership of Nantong. There can be no assurance that the Company will be able to reach agreement with the Nantong management on terms that will be satisfactory to the Company.
Worldwide Energy & Manufacturing USA, Inc., headquartered in South San Francisco, California with manufacturing facilities in China, is a manufacturer of photovoltaic (PV) solar modules under the —- brand. Founded in 1993, the Company sells its products primarily to clients in Europe, North America and Asia. The Company also operates several subsidiaries in the People–s Republic of China (PRC) that provide mechanical, electronic and fiber optic products manufacturing. For more information about Worldwide Energy & Manufacturing USA, please visit its website at .
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development and market conditions. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People–s Republic of China, the impact from the transfer of the equity ownership in its Nantong Joint Venture subsidiary, and the inability of the Company to reach a satisfactory agreement with the Nantong management team. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We do not intend to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Mr. Andrew Haag
Managing Partner
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