SOURCE: Solar EnerTech Corp.

August 24, 2007 09:01 ET

Solar EnerTech Provides Update

MENLO PARK, CA--(Marketwire - August 24, 2007) - Solar EnerTech Corp. (OTCBB: SOENE) (the "Company") announced today that it will require additional time to file its Form 10-QSB with the United States Securities and Exchange Commission for the quarter ended June 30, 2007. During this period the Company's common stock will trade under the symbol "SOENE" on the OTC Bulletin Board.

On August 15, 2007, the Company filed a Form 8-K based on management's conclusion that our previously issued financial statements for the year ended September 30, 2006 and quarters ended December 31, 2006 and March 31, 2007 should no longer be relied upon and will be restated based on identified errors. This conclusion was based on the Company's determination that the accounting treatment of certain stock based compensation and derivative financial instruments must be revised.

Upon completion of the review process, the Company expects to amend and file its Annual Report on Form 10-KSB for the fiscal year ended September 30, 2006 and its Quarterly Reports on Form 10-QSB for each of the quarters ended December 31, 2006 and March 31, 2007. The Company remains dedicated to completing the required fillings as soon as possible.

About Solar EnerTech Corp. (OTCBB: SOENE)

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 with another 20,000 square foot facility planned to come online in Q4 of 2007. 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.

Note on Forward-Looking Statements:

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.

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

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