QSolar Limited

May 09, 2011 18:01 ET

QSolar Ships Demonstration Panels to Morocco for Three Projects Totalling 37MW

CALGARY, ALBERTA--(Marketwire - May 9, 2011) -QSolar Limited (CNSX:QSL) ("QSolar" or the "Company") today announced that it has shipped a sample quantity of 56 x 230W panels to Morocco to fulfil the demonstration phase for three projects totalling 37 megawatts (MW) which is contemplated under letters of intent with Solwin Maroc Sarl, the Moroccan branch of Allied Solwin Limited UK. Allied Solwin is a UK based renewable energy consulting company representing investors and customers seeking solar power projects. The three Moroccan solar energy projects are installations of 1MW, 6MW and 30MW for a total value of US$51.21 million. The demonstration phase is the final step in a sales cycle that when successfully completed will lead to purchase orders for the contracted solar panels.

Andreas Tapakoudes, President and CEO of QSolar, commented "this shipment of demonstration panels marks QSolar's entry into the African market. Africa represents a growth market for the Company as most African countries face a significant need for electricity, do not have a reliable electricity grid supply network and in many remote areas do not have any means of electricity at all. The advantages of QSolar's innovative Spraytek79 solar panels can assist with many of the power issues faced by African markets".

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.

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Contact Information

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