SOURCE: Solar EnerTech Corp.

February 28, 2007 16:15 ET

Solar EnerTech Corp. Reports on Strategic Milestones -- Prepares to Commence Efforts at R&D Joint Lab

MENLO PARK, CA -- (MARKET WIRE) -- February 28, 2007 -- Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") advises that upon the close of the Chinese New Year's holiday season and recommencement of business the Company wishes to notify it filed the requisite 10QSB and 10QSB/A regulatory reports just prior to the start of the holiday season.

The reports submitted to the U.S. Securities and Exchange Commission ("SEC") detail events for the critical growth period of October 1 to December 31, 2006, throughout which the Company has achieved the following milestones:

1) Start up of production line #1 rolled out the first batch of solar
   modules on Nov. 23rd and concurrently launched SolarE as market
   identity and brand name.
2) Successfully completed a $5.6 million financing.
3) Engaged Knight Capital Markets LLC as advisors.
4) Released beta version of proprietary Power Conditioning Software.
5) Inaugurated Joint R&D Lab with Shanghai University.
These strategic milestones in 2006 have set a solid foundation for the company's future development and have exceeded initial expectations by virtue of Management's ability to work closely with China's governmental systems. The Company quickly acquired both its license to conduct business as well as favored tax status from the Chinese government in late July, then went on to complete its facility infrastructure and installation of solar cell equipment culminating in its first product shipment within a mere 5 months. This accomplishment has been acclaimed by members of the local solar industry as "a small miracle" and has sent a healthy message to the Company's employees boosting their confidence in their own ability to transform future challenges into success.

Due principally to these achievements, Solar EnerTech's first sales contract was signed in January of this year, which will bring in $9.2 million of revenue. Additionally, the R&D Lab with Shanghai University has launched five significant research projects simultaneously. These developmental experiments are slated to begin in the Joint Lab as well as at Solar EnerTech's manufacturing plant during the first week of March. This will be the first test of the Joint Labs ability to fast-track R&D initiatives to commercialization.

In related news, an upsurge of visits by potential buyers from Asia, Europe, and North America has necessitated the Company open an in-house office offering a specially trained multi-lingual team to host visits to the Company's corporate office and manufacturing plant at Jin Qiao Modern Technology Park. Additionally, as the 2008 Beijing Olympic Games are less than 18 months away, the Company is actively seeking initiatives to assist Olympic organizers and other event stakeholders towards providing "green power" technology highlighting opportunities geared towards facility and equipment infrastructure, such as venue electrical power supplementation, hybrid vehicle support, lighting solutions, and portable toilet alternative energy sources.

About Solar EnerTech Corp. (OTCBB: SOEN)

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. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw when upon completion of the second line slated for Q4 of this year. 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's R&D program will work to 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.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.

On Behalf of the Board
Solar EnerTech Corp.
Leo Shi Young, President

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