Breaking News:
GT Solar and Jiangxi Sornid Hi-Tech Co., Ltd. Announce New Order Totaling More than $20 Million for GT Solar’s GT-DSS450 Ingot Growth Furnaces PDF Print E-mail
Wednesday, 17 February 2010 16:30

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (NASDAQ: SOLR), a global provider of
specialized production equipment, process technology and turnkey
manufacturing services for the solar power industry, and Jiangxi Sornid
Hi-Tech Co., Ltd. today jointly announced that they signed a new
contract totaling more than $20 million for GT Solar’s market-leading
GT-DSS450™ ingot growth furnaces and ancillary equipment and services.
The order was booked in GT Solar’s current fourth fiscal quarter and
revenue is expected to be recognized in subsequent periods.

“Over the past year we have significantly expanded our service
and support capabilities in China to better serve our growing base of
customers in this key strategic market. We are pleased to have this
repeat order from Sornid.”

“We are committed to becoming a leading supplier of high quality
multi-crystalline silicon wafers to the solar industry,” said Mr. Lou
Hong, chairman, Jiangxi Sornid Hi-Tech Co., Ltd. “GT Solar is a valued
partner and their ingot growth furnaces produce high quality ingots that
meet our customers’ expectations.”

“We are seeing an increase in bookings for our GT-DSS450 furnaces in
China as customers begin to add new production capacity to position
themselves for the next phase of growth in the worldwide solar
industry,” said Tom Gutierrez, GT Solar’s president and chief executive
officer. “Over the past year we have significantly expanded our service
and support capabilities in China to better serve our growing base of
customers in this key strategic market. We are pleased to have this
repeat order from Sornid.”

With over 1,300 systems in the field, GT Solar’s DSS ingot growth
furnaces are widely used in the solar industry and are known for their
reliability and for consistently producing high quality crystal.

About Jiangxi Sornid Hi-Tech Co., Ltd

Jiangxi Sornid Hi-Tech Co., Ltd, located in Jiujiang Industrial
Development Zone, is one of the largest PV manufacturers in China’s
Jiangxi province. Sornid provides multi-crystalline wafers to many of
China’s leading silicon cell and module manufacturers. For more
information about Sornid, visit their web site at www.sornid.com.

About GT Solar International, Inc.

GT Solar International, Inc., based in Merrimack, NH, USA, is a leading
global provider of specialized production equipment, process technology
and turnkey manufacturing services for the solar power industry. The
company’s products and services allow its customers to optimize their
manufacturing environments and lower their cost of ownership,
accelerating the drive towards grid parity. For additional information
about GT Solar, please visit www.gtsolar.com.

Forward-Looking Statements

Some of the statements in this press release are forward-looking in
nature, including statements regarding expected revenue from a customer
contract and the addition of new capacity by customers.
These
statements are based on management’s current expectations or beliefs.

These forward-looking statements are not a guarantee of performance
and are subject to a number of uncertainties and other factors, many of
which are outside the Company’s control, which could cause actual events
to differ materially from those expressed or implied by the statements.

Factors that may cause actual events to differ materially from those
expressed or implied by our forward-looking statements include the
possibility that the Company is unable to recognize revenue on customer
contracts, that technological changes could render existing products or
technologies obsolete, the Company may be unable to protect its
intellectual property rights, competition from other manufacturers may
increase, exchange rate fluctuations and conditions in the credit
markets and economy may reduce demand for the Company’s products and
various other risks as outlined in GT Solar International, Inc.’s
filings with the Securities and Exchange Commission, including the
statements under the heading “Risk Factors” in the Company’s annual
report on Form 10-K for the fiscal 2009 filed on June 9, 2009 and Form
10-Q for the third quarter of fiscal 2010 filed on February 5, 2010.
Statements
in this press release should be evaluated in light of these important
factors.
GT Solar International, Inc. is under no obligation to,
and expressly disclaims any such obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise.

Here is the original post:
GT Solar and Jiangxi Sornid Hi-Tech Co., Ltd. Announce New Order Totaling More than $20 Million for GT Solar’s GT-DSS450 Ingot Growth Furnaces

 

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