NANJING, China, Dec. 2,
2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ:
CSUN) ("China Sunergy" or "the Company"), a specialized solar cell
and module manufacturer, today announced that it has proposed to
appoint Grant Thornton, China member firm of Grant Thornton
International ("Grant
Thornton"), as the Company's
independent registered public accounting firm for the year ending
December 31, 2014. The decision to
engage Grant Thornton was made by
the Company's Audit Committee and its Board of Directors and is
subject to shareholder's approval at the Company's Annual General
Meeting, among others.
The change of auditors was made as a part of the implementation
of the new management's company-wide expense reduction plan. The
Company will endeavor to work with the new auditor to ensure the
timely filing of its annual report on Form 20-F for the year
ending December 31, 2014. At the date of this press release,
the Company is working with Deloitte Touche Tohmatsu Certified
Public Accountants LLP ("Deloitte") and Grant Thornton to ensure a smooth
transition.
"We sincerely express our appreciation to Deloitte for its
commitment and high quality of service in the past years." Mr.
Tingxiu Lu, Chairman and CEO of
China Sunergy, remarked, "We expect to cooperate with our new
auditor team - Grant Thornton
soon."
The Company and Deloitte have no disagreements, and the Board is
not aware of any other matters, in relation to the change of
auditors that need to be brought to the attention of the
Shareholders.
About Grant Thornton
Grant Thornton, China firm of Grant Thornton International, is
headquartered in Beijing, with
approximately 150 partners and 3,000 professionals in 20 offices in
China. Grant Thornton offers a full range of services
including assurance, tax, advisory, asset valuation and project
cost management. Grant Thornton
serves a broad client base that encompasses more than 140 public
companies and over 2,000 state owned enterprises (SOEs) and
privately held businesses, as well as foreign-invested enterprises.
For more information, please click http://www.grantthornton.cn.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and
delivers high efficiency solar cells and modules to the world from
its production centers based in China and Turkey. China Sunergy also invests in high
potential solar projects. Founded in 2004, China Sunergy is well
known for its advanced solar cell technology, reliable product
quality, and excellent customer service.
For more information, please visit
http://www.csun-solar.com.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Investor Relations
Phone: + 86 25 5276 6666
Email: IR@chinasunergy.com
Asia Bridge Group Limited
Wendy Sun
Phone: + 86 10 8556 9033
Email: wendy.sun@asiabridgegroup.com
Safe Harbor Statement
This announcement may contain forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical facts in this announcement are forward-looking
statements. These forward-looking statements are based on current
expectations, assumptions, estimates and projections about the
Company and the industry, and involve known and unknown risks and
uncertainties, including but not limited to, the Company's failure
to maintain its listing qualification due to, among other things,
volatility in the Company's ADS price; the Company's ability to
raise additional capital or renew existing bank borrowings as they
become due to finance the Company's activities; the Company's
customers' financial condition and creditworthiness, and their
ability to settle accounts receivables; the effectiveness,
profitability, and the marketability of its products; litigations
and other legal proceedings, including any decisions by the US
International Trade Committee and Department of Commerce on the
petitions filed; the economic slowdown in China and elsewhere and its impact on the
Company's operations; demand for and selling prices of the
Company's products, execution of our strategy to expand into
downstream solar power businesses, the future trading of the common
stock of the Company; the ability of the Company to operate as a
public company; the period of time for which its current liquidity
will enable the Company to fund its operations; the Company's
ability to protect its proprietary information; general economic
and business conditions; the volatility of the Company's operating
results and financial condition; the Company's ability to attract
or retain qualified senior management personnel and research and
development staff; future shortage or availability of the supply of
raw materials; impact on cost-competitiveness as a result of
entering into long-term arrangements with raw material suppliers
and other risks detailed in the Company's filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward
looking statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
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SOURCE China Sunergy Co., Ltd.