Daqo New Energy Obtains a Long-Term Loan from Bank of China
August 15 2011 - 4:00AM
Business Wire
Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the
"Company"), a leading polysilicon manufacturer based in China,
today announced it has received approval from Bank of China through
its Shihezi branch in Xinjiang, China for a RMB 980 million loan
for the Company’s phase II polysilicon expansion plan in Xinjiang.
The loan will be a 6-year long-term project finance loan. "We are
pleased with the approval of the loan and our new financial partner
relationship with Bank of China”, commented Jimmy Lai, the Chief
Financial Officer of Daqo New Energy. "With this loan, we are
confident that we have the funding needed for the completion of the
initial phase of our polysilicon expansion plan in Xinjiang.”
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) is a leading polysilicon
manufacturer based in China that aims to become a vertically
integrated photovoltaic product manufacturer. Daqo New Energy
primarily manufactures and sells high-quality polysilicon to
photovoltaic product manufacturers. It also manufactures and sells
photovoltaic wafers and modules. For more information about Daqo
New Energy, please visit www.dqsolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will”, “expects”, “anticipates”, “future”, “intends”, “plans”,
“believes”, “estimates” and similar statements. The Company may
also make written or oral for-ward-looking statements in its
reports filed or furnished to the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the demand
for photovoltaic products and the development of photovoltaic
technologies; global supply and demand for polysilicon; alternative
technologies in cell manufacturing; our ability to significantly
expand our polysilicon production capacity and output; the
reduction in or elimination of government subsidies and economic
incentives for solar energy applications; and our ability to
successfully implement our vertical integration strategy. Further
information regarding these and other risks is included in the
reports or documents we have filed with, or furnished to, the
Securities and Exchange Commission. Daqo New Energy does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. All information provided
in this press release and in the attachments is as of the date of
this press release, and Daqo New Energy undertakes no duty to
update such information, except as required under applicable
law.
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