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|Canadian Solar Announces Industry Leading Product and Performance Warranty|
TORONTO, Aug. 15, 2011 /PRNewswire via COMTEX/ --
Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ),one of the world's largest solar companies, today announced the introduction of its new and improved photovoltaic (PV) solar module product and performance warranty.
Effective August 1, 2011, Canadian Solar's warranty now provides a linear performance guarantee for the Company's PV module power output over a 25-year period. Under the terms of the new performance warranty Canadian Solar guarantees that the actual power output of its modules will be no less than 97% of the labeled power output during the first year of operation, and will decline by no more than 0.7% annually so that by the end of year 25 the actual power output will be no less than 80% of the module's labeled power output. In addition, under this new policy, Canadian Solar has expanded its product warranty covering workmanship and material defects to 10 years.
Canadian Solar's product and performance warranty will continue to be backed by a 25-year, non-cancelable insurance policy issued by A.M. Best rated, investment grade insurance underwriters.
Dr. Shawn Qu, Canadian Solar's Chairman and CEO said: "We are proud to introduce an enhanced warranty policy that, combined with our positive power tolerance and our insurance policies, provides the best value in the industry. These enhancements underlie our confidence in our manufacturing and quality control processes, and our commitment to the success of our customers."
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on May 17, 2011. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.