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QSolar Provides Corporate Update
QSolar Provides Corporate Update
Calgary, Alberta (FSCwire) - (CSE:QSL, FSE:Q2O) – QSolar Limited (“QSolar” or the “Corporation”) reports a corporate update on certain aspects of its current business and status.
The Corporation provides a corporate update on its financial and liquidity risk. QSolar requires financing to execute the business plan of the Corporation and to execute an expansion plan. The current financial and market situation has not allowed the Corporation to raise capital to execute the next phase of its business plan or execute an expansion plan from the current shareholder base. The ability of the Corporation to continue as a going-concern and discharge its liabilities depends upon its ability to raise additional funding to finance its manufacturing facilities in China, provide operating working capital, obtain expansion capital and ultimately generate future profitable operations. The Corporation has historically relied on equity and debt financing and loans from founding shareholders, officers and third parties to satisfy its capital requirements and will continue to rely upon debt and equity capital to finance its activities.
Over the last number of months, although management has focused on maintaining the business of the Corporation and obtaining TUV SUD and UL certification, a large amount of time and energy has been spent on sourcing third party equity. QSolar has been, and continues to be, in various stages of discussions with a number of parties for potential equity financing. Discussions have not yet provided a definitive commitment(s). QSolar has been able to obtain working capital to operate from accounts receivable, inventory turnover and cash advances from Andreas Tapakoudes, the CEO of the Corporation, financed, in part, from the sale of shares in the Corporation. Mr. Tapakoudes has provided working capital from the sale of shares in the Corporation, from time to time in the past as well. As a result, the Corporation has been able to continue to operate as it has scaled down its Shanghai manufacturing operations to minimum operating levels, and reduced and deferred corporate overheads to meet corporate requirements. The Corporation has also been able to respond to sales enquiries and fulfill current sales and sample orders. However, without additional capital being secured over the next weeks, other than from Mr. Tapakoudes, which is not assured, these circumstances will comprise a material uncertainty which may lend significant doubt as to the ability of the Corporation to continue to meet its obligations as they fall due and, accordingly, there is no assurance the Corporation will be able to continue to discharge its liabilities as they fall due or continue as a going concern.
In addition to the financial resource update above, the Corporation faces additional risk in its expansion plans due to regulatory changes in major markets including the tariffs and anti-dumping duties imposed by the European Union and recent tariffs and additional punitive anti-dumping tariffs imposed by the United States on Chinese solar shipments. QSolar has been advised that these duties amount to combined tariff rate of over 200% on all Chinese based solar shipments and includes all QSolar’s in-transit or landed solar shipments to the U.S. To minimize the regulatory risks of punitive tariff associated with the current favorable economics in the U.S. solar market, there is no current alternative to penetrate this market other than to have or obtain a physical manufacturing presence in the U.S. If QSolar is successful in raising expansion capital to obtain a physical presence in the U.S., or any other country, while it looks to secure a partner(s) for distribution, the Corporation would be well positioned, due to the low capital expenditure requirements to have a scalable manufacturing facility.
The Corporation will continue to issue news releases as material information becomes known.
About QSolar Limited
QSolar trades under the symbol QSL on the Canadian Securities Exchange (“CSE”) and Q2O on the Frankfurt Securities Exchange (“FSE”). There are currently 74,048,912 common shares issued and outstanding.
QSolar Limited (www.qsolar.net) and its wholly-owned subsidiary, QSolar Ltd., and its wholly-owned subsidiary, QSolar (Shanghai) Photovoltaic Technology Co. Ltd., develop proprietary trade secret solar related processes and technologies, and manufacture and sell proprietary solar products. The Corporation currently manufactures solar photovoltaic (PV) panels in Shanghai, China using its proprietary trade secret Spraytek® and ESS process and its own QLite and QSS family designs. QSolar Spraytek® panels offer several advantages over competing products as they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection, significant weight savings and durability features over existing competitors PV modules.
Additional information on the operations or financial results of QSolar Limited are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE
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