ReneSola Receives High Technology Status and Qualification for Reduced Income Tax Rate
June 25 2009 - 10:54AM
PR Newswire (US)
JIASHAN, China, June 25 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd
("ReneSola" or the "Company") (NYSE:SOL) (AIM: SOLA), a leading
global manufacturer of solar wafers, today announced that its
operating subsidiary, Zhejiang Yuhui Solar Energy Source Co., Ltd.,
("Zhejiang Yuhui"), has qualified as a high technology enterprise
in China. The classification allows the Company to enjoy a reduced
income tax rate of 15% for three years, starting on January 1,
2009. The 15% tax rate applicable to Zhejiang Yuhui replaces the
25% statutory tax rate that the Company will be subject to once the
current tax concession expires. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )
Classification as a high technology enterprise is awarded to
companies which meet specific requirements as determined by the
central government, including the number of patents and proprietary
technologies the enterprise has in addition to the size and
expenditure of its R&D facilities. "We are delighted to be
recognized as a high technology enterprise and become one of the
select solar companies in China to receive such a qualification,"
commented Mr. Xianshou Li, ReneSola's chief executive officer.
"From China's central to provincial governments, we are seeing an
increased focus and commitment on creating incentives for the
development of clean, renewable energy such as solar power. As one
of China's leading low-cost, fully-integrated solar companies, we
are confident that we are well positioned to play a leading role in
helping China achieve its goal of a greener future." About ReneSola
ReneSola Ltd ("ReneSola") is a leading global manufacturer of solar
wafers based in China. Capitalizing on proprietary technologies and
technical know-how, ReneSola manufactures monocrystalline and
multicrystalline solar wafers. In addition, ReneSola strives to
enhance its competitiveness through upstream integration into
virgin polysilicon manufacturing. ReneSola possesses a global
network of suppliers and customers that include some of the leading
global manufacturers of solar cells and modules. ReneSola's shares
are currently traded on the New York Stock Exchange (NYSE:SOL) and
the AIM of the London Stock Exchange (AIM: SOLA). For more
information about ReneSola, please visit http://www.renesola.com/ .
Safe Harbor Statement This press release contains statements that
constitute "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and as
defined in the U.S. Private Securities Litigation Reform Act of
1995. Whenever you read a statement that is not simply a statement
of historical fact (such as when we describe what we "believe,"
"expect" or "anticipate" will occur, what "will" or "could" happen,
and other similar statements), you must remember that our
expectations may not be correct, even though we believe that they
are reasonable. We do not guarantee that the forward-looking
statements will happen as described or that they will happen at
all. Further information regarding risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements is included in our filings with the U.S.
Securities and Exchange Commission, including our annual report on
Form 20-F. We undertake no obligation, beyond that required by law,
to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even
though our situation may change in the future. For investor and
media inquiries, please contact: In China: ReneSola Ltd Ms. Julia
Xu Tel: +86-573-8477-3372 Email: Ogilvy Financial, Beijing Mr.
Derek Mitchell Tel: +86-10-8520-6284 E-mail: In the United States:
Ogilvy Financial, New York Ms. Jessica Barist Cohen Tel:
+1-646-460-9989 Email: In the United Kingdom: Hanson Westhouse
Limited, London Mr. Tim Feather / Mr. Richard Baty Tel:
+44-20-7601-6100 Email:
http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 DATASOURCE:
ReneSola Ltd CONTACT: In China: Ms. Julia Xu of ReneSola Ltd,
+86-573-8477-3372, or ; Or Mr. Derek Mitchell of Ogilvy Financial,
Beijing, +86-10-8520-6284, or ; Or In the United States: Ms.
Jessica Barist Cohen of Ogilvy Financial, New York,
+1-646-460-9989, or ; Or In the United Kingdom: Mr. Tim Feather /
Mr. Richard Baty of Hanson Westhouse Limited, London,
+44-20-7601-6100, or or Web site: http://www.renesola.com/
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