WUXI, China, July 5 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(NYSE: STP) one of the world's leading manufacturers of photovoltaic (PV)
cells and modules, today announced that it has met the requirements of Section
404 of the Sarbanes-Oxley Act of 2002 ("SOX") regarding internal controls over
financial reporting as stated in its annual report for the year ended December
''This successful completion of the SOX 404 audit represents a strong
indication of our long-standing commitment to the highest standards of
corporate governance,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
''The internal control systems established as part of this have also enabled
us to achieve significant growth in production and sales.''
Section 404 of SOX requires that companies listed on U.S. stock exchanges
file an internal control report within the annual report that states
management's responsibility for internal controls of financial reporting, and
includes an assessment of the effectiveness of the controls and an external
audit of the reliability of the internal control structure and procedures.
Compliance with SOX Section 404 is a testament to the veracity and
transparency of all financial information that a company discloses.
''Suntech is proud to have achieved official approval of our internal
financial controls and processes. Our extensive efforts to comply with SOX 404
as a public company demonstrate our dedication to corporate transparency,''
said Amy Zhang, Suntech's CFO. ''The rigor of SOX compliance has also been an
excellent opportunity to improve our business processes and increase back-
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the
world as measured by both production output and capacity of solar cells and
modules. Suntech provides solar solutions for a green future. Suntech designs,
develops, manufactures, and markets a variety of high quality, cost effective
and environmentally friendly PV cells and modules for electric power
applications in the residential, commercial, industrial, and public utility
sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the
top-ranked companies in the building-integrated photovoltaics (BIPV) space.
Suntech's customers are located in various markets worldwide, including key
markets throughout Europe, North America, Japan and China. For more
information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute ''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as ''will,'' ''expects,'' ''anticipates,''
''future,'' ''intends,'' ''plans,'' ''believes,'' ''estimates'' and similar
statements. Such statements involve certain risks and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements. Further information regarding these and other risks is included in
Suntech's filings with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F. Suntech does not undertake any obligation to
update any forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
For more information, please contact:
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc.
Ogilvy Public Relations Worldwide