Qsolar Limited

April 21, 2011 15:54 ET

Qsolar Receives a $74.5m Letter of Intent from Commercial Solar Design of California

CALGARY, ALBERTA--(Marketwire - April 21, 2011) -Qsolar Limited ("Qsolar" or the "Company"), (CNSX:QSL) today announced that it has received a letter of intent from Commercial Solar Design Inc of California to purchase Solar Panels with Spraytek79 Technology totalling 50 Mega Watts (MW) for a value of $74.5 million US. The next step for the Company to fulfil the letter of intent is to obtain the United States' Underwriters Laboratory (UL) certification which is required to sell product into the United States. Upon receiving the UL certification it is expected that Commercial Solar Design will issue a purchase order for the contracted solar panels.

Andreas Tapakoudes, President & CEO of Qsolar, commented "this letter of intent demonstrates significant recognition of Qsolar's innovative Spraytek79 solar panels. The process of receiving the UL certification is substantially the same as the European certification process which Qsolar has already obtained, with an important requirement being the provision of an upfront payment which we have earmarked from our recently closed private placement financing. Furthermore, we are excited about the opportunity of kicking off our U.S. sales with a large installation in California, as this transaction would represent approximately 220,000 solar panels in one of the U.S.'s fastest growing solar markets".

Commercial Solar Design (www.commercialsolardesign.com) is a company that is focussed on solar farm and large commercial solar projects and they build solar power plants in the range of 10MW. The principals of Commercial Solar Design have a long history of participation in the solar energy industry and their business operations are wide spread in the State of California, as well as other southern U.S. markets.

Qsolar profile

Qsolar is manufacturing solar PV 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 the European market as well as the US market.

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 has started trading on the Canadian National Stock Exchange (CNSX) with the symbol QSL on March 25 2011 through a reverse take-over of Bricol Capital Corporation. 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 & CEO