China Nuvo Solar Energy to Establish Chinese Pilot Facility
Posted on: Thursday, 6 September 2007, 09:11 CDT
China Nuvo Solar Energy, Inc. (the "Company" or "China Nuvo") (OTCBB: CNUV) announced today that it has executed a binding term sheet with Pioneer Materials, Inc. ("PMI") of Torrance, California, to establish a pilot development and manufacturing operation in PMI's Chengdu, Sichuan, China facility located in Chengdu's West High Tech development zone.
The agreement with PMI has the objective of establishing initial production of solar cells using China Nuvo's licensed technology based on an invention titled "Photovoltaic cell with integral light transmitting waveguide in a ceramic sleeve". As discussed in the Company's previous press releases, China Nuvo's licensed technology offers a number of significant advantages in light trapping efficiencies and certain production economies compared to current technologies.
PMI is a manufacturer and supplier of materials for the semiconductor, hard drive media, optical media and photonic industries. PMI is developing for the solar energy industry advanced materials for thin film photovoltaics (solar cell) processing.
The companies are currently negotiating the terms of a definitive agreement that is expected to be completed within the next thirty days.
China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Source: Business Wire
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