SOURCE: Solar EnerTech Corp.

November 14, 2007 16:00 ET

Solar EnerTech Appoints Ernst & Young as Independent Auditor

MENLO PARK, CA--(Marketwire - November 14, 2007) - Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") today announced that the Board of Directors has appointed Ernst & Young Hua Ming ("Ernst & Young") as its new independent auditor, effective immediately. Ernst & Young replaced Malone & Bailey, PC as the independent auditor for the Company.

Anthea Chung, Chief Financial Officer of Solar EnerTech, stated, "We believe that Ernst & Young's strong presence in China will provide us the auditing services and high standards we require as we execute our growth plans going forward. We look forward to working with this top-tier audit firm as we continue to strengthen our corporate governance."

About Solar EnerTech Corp.

Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently, the facility is capable of producing 25Mw of solar cells from its existing production line and another 25Mw from its first expansion lines. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.

Safe Harbor Statement

Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Solar EnerTech undertakes no obligation to update publicly any forward-looking statements.

Contact Information

  • INVESTOR RELATIONS CONTACT:
    Solar EnerTech Corp.
    1600 Adams Drive
    Menlo Park, CA 94025
    Email Contact

    Bill Zima
    ICR Inc.
    203-682-8200
    Email Contact