Apollo Solar Energy Announces a Long-Term Purchase Contract from a Major Solar Company

^{Published on 2010-11-16 06:40:29 - Market Wire}
 

Apollo Solar Energy Announces a Long-Term Purchase Contract from a Major Solar... -- CHENGDU, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ --

CHENGDU, China, Nov. 16, 2010 /PRNewswire-Asia-FirstCall/ -- Apollo Solar Energy, Inc. (OTC: ASOE) a leading vertically integrated miner, refiner and producer of high purity tellurium (Te) and tellurium based metals for the CdTe/CIGS Thin Film solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide, today announced that a five-year purchase contract has been signed between Apollo Solar Energy and a major worldwide solar panel manufacturer.

According to the contract, Apollo will provide 5N ultra-high purity tellurium, the core material of CdTe thin film solar PV, with projected sales of approximately 730 million RMB (USD 110 million) over 5 years period.

"We have been cooperating closely for the past five years with this manufacturer and we believe this purchase contract will be a win-win strategy for both of us in the long run." said Dr. Jingong Pan, CEO of the Company.

About Apollo Solar Energy, Inc.

Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science & Technology Co., Ltd, is primarily engaged in mining, refining and producing tellurium (Te) and high-purity tellurium based metals for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra-high purity metals and commercial-purity metals.

Safe Harbor Statement

The statements contained herein that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.

SOURCE Apollo Solar Energy, Inc.