QSolar Limited

May 11, 2011 11:16 ET

QSolar Announces Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - May 11, 2011) - QSolar Limited ("QSolar"), (CNSX:QSL) today announced that the board of directors has granted options to acquire up to 1,500,000 common shares to two directors. The options vest immediately and have an exercise price of $0.40 per share for a period of up to 10 years from the date of grant. Following this grant, there are options for a total of 4,100,000 common shares issued and outstanding, representing 10% of the total issued and outstanding common shares of QSolar.

This grant of options follows the successful closing of a private placement for 15,000,000 units of QSolar at a price of $0.10 per unit which was previously announced on April 7, 2011.

QSolar profile

QSolar is manufacturing solar photovoltaic panels under a contract manufacturing agreement in China using its proprietary patent pending Spraytek process and its own designs. QSolar products were introduced in July 2010 and since the introduction there has been a very significant interest, orders and letters of intent from European and U.S. markets. QSolar Spraytek panels offer several advantages over competing products in that they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection and longer life and cost less than equivalent products in the market. Furthermore QSolar offers solar panels with positive tolerance which means that the customer will get a guaranteed output which can be up to 5% more than the actual specifications. This leads to further savings as competitive products are offered with tolerances of +-3% which means that they can have up to 3% lower output than what is specified.

QSolar trades on the Canadian National Stock Exchange (CNSX) under the symbol QSL. For more information on QSolar please view the Listing Statement on the CNSX website, www.cnsx.ca.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.

Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether QSolar Limited is able to meet price, performance, quality and delivery requirements. QSolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

Shares outstanding 41,000,000

Contact Information

  • QSolar Limited
    Andreas Tapakoudes
    President and CEO
    403-770-8436 (FAX)