TORONTO, June 24 /PRNewswire/ --
Canadian Solar Inc. (the Company, Canadian Solar or we) (Nasdaq: CSIQ) today announced it would offer a six year warranty on module material and workmanship, extended from two years previously. Under this extended warranty, Canadian Solar warrants its standard solar module products, which account for more than 90% of the Company's production, to be free from defects in materials and workmanship for a duration of 72 months from the date of delivery (EX-work). Some of the company's off-grid and specialty solar products may carry different warranty terms.
Dr. Shawn Qu, the President and CEO of Canadian Solar, commented, This is one of the best product workmanship warranties in the PV industry and Canadian Solar is pleased to offer this extended warranty. This was a logical step for us given the high confidence we have in our product workmanship and positive real world feedback from customers. Our solar modules are designed and manufactured to the highest industry standards. For example, Canadian Solar is the only major solar module manufacturer accredited with ISO:TS 16949, the automotive Quality Management System standard since 2003. By extending the product warranty to 6 years, we want to make sure our customers can sit back and relax after they have completed their PV system with our modules. Importantly, while we are giving our customers a significant benefit we do not expect this to impact profitability. Rather, we believe our policy change will help increase sales and margin.
About Canadian Solar Inc.
Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on-grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. 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 http://www.canadian-solar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release including statements regarding expected future financial and industry growth 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 general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply 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, including customers of our silicon materials sales; 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 price; 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 originally filed on June 8, 2009. 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.
In Canada: Alex Taylor, IR Director, Canadian Solar Inc., +1-905-530-2334, or firstname.lastname@example.org; In the U.S., David Pasquale, Global IR Partners, +1-914-337-8801, email@example.com