Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has completed the annual renewal of its 25-year product warranty insurance policy through April 1, 2013. In 2010 Canadian Solar became one of the first companies in the industry to offer enhanced product and performance warranty backed by an immediately available and non-cancellable insurance policy.
Canadian Solar's product and performance warranty insurance is underwritten by world leading insurance companies based in North America and Europe with A.M. Best Rating of "A" VIII or better. The policy has been active since April 2010 and covers Canadian Solar modules for 25 years following warranty start date. The insurance coverage is based on Canadian Solar's standard quality and performance warranty statements, which includes a 10-year product workmanship warranty and a 25-year linear power output performance guarantee. Canadian Solar's insurers must continue to compensate Canadian Solar's module end users for warranty claims for product quality and/or performance even if Canadian Solar ceases to exist as an independent operating company. This insurance program is non-cancellable by the insurer and provides third-party bankruptcy rights.
Dr. Shawn Qu, the Chairman and Chief Executive Officer of Canadian Solar, commented, "While we remain extremely confident in the excellency of our product workmanship, offering enhanced warranties has proven to help our customers make their purchase decision, giving them added confidence and peace of mind. Our customers have repeatedly told us the importance of this enhanced warranty insurance in helping their project finance. Given our financial stability and consistent high performance level in even the most difficult environments, we are happy to continue offering customers this significant benefit.
A.M. Best ratings are provided by A.M. Best Company as the reference of an insurer's financial strength and ability to meet ongoing obligations to policyholders. A.M. Best Company is a worldwide insurance-rating and information agency with more than 100 years of history.
Warranty Insurance Highlights:
25 Years Worldwide Coverage
Immediate Coverage (No Waiting Periods)
Insured by world leading insurance companies with A.M. Best Rating of "A" VIII or better
3rd party Bankruptcy rights
About Canadian Solar
Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release including statements regarding our expected future shipment volumes, gross margins, supply cost, manufacturing capacities, and cell conversion efficiencies, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; performance of the Company's product insurance coverage; performance of the Company's modules; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2012. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.