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Apollo Solar Energy, Inc. Reports First Quarter 2009 Financial Results

May 15, 2009

CHENGDU, China, May 15 /PRNewswire-Asia-FirstCall/ — The Board of
Directors of Apollo Solar Energy, Inc., (OTC Bulletin Board: ASOE; “Apollo
Solar Energy” or “the Company”), a leading vertically integrated miner and
refiner of tellurium (Te) and high-purity tellurium based metals for specific
segments of the global electronic materials market, today announced financial
results for the first quarter ended March 31, 2009.

Revenue for the first quarter of 2009 increased 21% to $2.3 million from
$1.9 million in the first quarter of 2008.

Gross profit for the first quarter of 2009 decreased 37% to $0.5 million
compared to $0.8 million for the same period in the prior year. The decrease
in gross profit was primarily attributable to the increase in cost of raw
materials, labor cost, and the change in product mix.

Operating expenses in the first quarter of 2009 increased to $1.1 million
compared to $0.2 million in the same period of the prior year. This increase
was a result of higher administrative expenses required to support a growing
revenue base, as well as professional fees incurred as a publicly listed
company, options granted and an increase in depreciation expense.

Operating loss for the first quarter of 2009 was $0.55 million compared to
profit of $0.62 million in the prior year.

Net loss for the first quarter of 2009 was $655,332, or $0.1 per diluted
share, compared to net income of $475,369 or $0.1 per diluted share in the
prior year.

“We are satisfied with the results for the first quarter of 2009. The
latter part of 2008 and into 2009 has been a transition period for Apollo
Solar Energy, and we, like other firms have weathered a difficult US market.
During this period however, we have built upon our solid asset base of
producing tellurium mines and our new refining facility in Chengdu, with the
addition of seasoned executives, board members and advisors. Our results
further support our premise that owning the tellurium feedstock in CdTe
production is essential for the long term viability of any refiner,
particularly in the thin film solar industry. In addition, our recently
completed technical review by Behre Dolbear & Company of the Dashuigou and
Majiagou mines provides a solid base of support to continue with the
exploration and mining of these properties,” commented Mr. Hou Renyi, CEO and
Chairman of Apollo Solar Energy, Inc. “We continue to pursue innovative
technologies and processes to be a leading vertically integrated miner and
refiner of tellurium (Te) and high-purity tellurium based metals for the
global electronic materials market.”

About Apollo Solar Energy, Inc.

Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan
Apollo Solar S&T Co., Ltd., is primarily engaged in the mining and refining of
tellurium (Te) and high-purity tellurium based metals for specific segments of
the global electronic materials market. The Company’s products include CdTe
thin-film compounds, CIGS thin-film compounds, Ultra-high purity metals, and
commercial-purity metals.

Safe Harbor Statement

The statements contained herein that are not historical facts are
“forward-looking statements” within the meaning of Section 21E of the
Securities and Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements may be
identified by, among other things, the use of forward-looking terminology such
as “believes,” “expects,” “may,” “will,” “should,” or “anticipates,” “expect”
or the negative thereof or other variations thereon or comparable terminology,
or by discussions of strategy that involve risks and uncertainties. In
particular, our statements regarding the potential growth of the markets or
forecasting financial results are examples of such forward-looking statements.
The forward-looking statements include risks and uncertainties, including but
not limited to, general economic conditions and regulatory developments, not
within our control. The factors discussed herein and expressed from time to
time in our filings with the Securities and Exchange Commission could cause
actual results and developments to be materially different from those
expressed or implied by such statements. The forward-looking statements are
made only as of the date of this filing, and we undertake no obligation to
publicly update such forward-looking statements to reflect subsequent events
or circumstances.

SOURCE Apollo Solar Energy, Inc.


Source: newswire



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