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Safer Residence Corp. Announces Name Change and New Business Direction as Solar Enertech Corp.
By Market Wire Last Update: 4/10/2006 7:02:00 PM Data provided by
MENLO PARK, CA, Apr 10, 2006 (MARKET WIRE via COMTEX) -- Solar Enertech Corp. (SOEN) (the "Company") formerly Safer Residence Corp (OTC BB: SFRC) wishes to announce that the Company will henceforth operate under the name SOLAR ENERTECH CORP., which best reflects management's current strategic outlook and planning.
The Company intends to focus on the implementation of its business plan concentrating on the development of a sales network and construction of a manufacturing facility for the production of Solar cells in order that the company can capitalize on certain opportunities present in the photovoltaic (PV) energy industry.
Further information will be released in the upcoming weeks as available. The name change and new business direction is effective immediately.
Forward-Looking Statements:
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar Enertech Corp. and/or Safer Residence Corp. has little or no control.
ON BEHALF OF THE BOARD
Solar Enertech Corp.
Leo S. Young, President
Investor Relations Contact: Boundary Point Investor Relations Inc. 1-866- 378-7372
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Solar EnerTech Closes $8.3 Million Private Placement With Institutional Investors Thursday March 8, 8:00 am ET
MENLO PARK, CA--(MARKET WIRE)--Mar 8, 2007 -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) (the "Company") is pleased to announce the completion of a private placement with Institutional Investors for $8.3 million on March 7, 2007. ADVERTISEMENT
After the payment of fees and expenses of the private placement, the Company received net proceeds of approximately $7,664,000. The securities sold by the Company in the private placement offering consisted of $5,000,000 principal amount of Series A Convertible Notes, $3,300,000 principal amount of Series B Convertible Notes, 7,246,377 Series A Warrants and 5,789,474 Series B Warrants. Of the $8.3 million purchase price of the Notes, $300,000 consisted of the conversion of existing outstanding indebtedness of the Company. For a more complete description of the private placement offering please see our Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on March 8, 2007.
The Company intends to use the net proceeds of the private placement for working capital and general corporate purposes including, but not limited to, the purchase of silicon feedstock to fulfill recent purchase orders. Additional uses will include the purchase of equipment for the Company's second 25Mw production line.
The financing was prompted by increased demand for the Company's solar cell products. The construction of the Company's second 25Mw line is currently ahead of its originally scheduled mid-April launch date. At this time, the Company is running two shifts, one for solar cell production on the first line and the other for preparation of construction of the second production line.
Solar EnerTech President & CEO Leo Shi Young commented, "This direct investment in Solar Enertech enables the Company to fulfill on its recent purchase orders and begin the construction of the second 25Mw production line. We believe that the net proceeds that the Company has received from this financing will help the Company to execute on its business plan and accelerate the growth of its business."
About Solar EnerTech Corp. (OTC BB:SOEN.OB - News)
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw when upon completion of the second line slated for Q4 of this year. Solar Enertech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Forward-Looking Statements
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.
On Behalf of the Board Solar EnerTech Corp. Leo Shi Young, President
Contact: Investor Relations Contact: Boundary Point Investor Relations Inc. 1-866-378-7372 http://www.solarenertech.com
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Solar EnerTech Analyst Report; Research Initiation From IPOdesktop.com Monday March 12, 4:00 pm ET
LOS ANGELES, March 12, 2007 (PRIME NEWSWIRE) -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) Analyst Report is available from IPOdesktop.com, which is initiating research. Solar EnerTech is a photovoltaic (``PV'') solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park.
http://www.solarenertech.com/ Solar EnerTech is a photovoltaic (``PV'') solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw when upon completion of the second line slated for Q4 of this year. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley
About IPOdesktop
http://IPOdesktop.com IPOdesktop.com, the leading provider of independent IPO research for professional money managers and individual investors, also produces the IPO Hardball radio program. In the 'Analysts Corner' at IPOdesktop.com, research reports are available for both recent IPOs and emerging companies. http://gaskinsco.com/linkto-analysts-corner.htm IPOdesktop editors are quoted by The Wall Street Journal, Dow Jones Newswires, MarketWatch, Reuters, USATODAY, and others. IPOdesktop editors also co-host financial programs at StreetIQ.com.
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Disclaimer
IPOdesktop (ID) SAFE HARBOR STATEMENT: Statements contained in this analyst report report, including those pertaining to estimates and related plans, potential mergers and acquisitions, estimates, growth, establishing new markets, expansion into new markets and related plans other than statements of historical fact, are forward-looking statements subject to a number of uncertainties that could cause actual results to differ materially from statements made.
DISCLAIMER: The information, opinions and analysis contained herein are based on sources believed to be reliable but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. This report is a paid advertisement and is for information purposes only and should not be used as the basis for any investment decision. ID has been paid up to eighty five hundred dollars from equityallianceir for preparation and posting of this report and other advertising services. This constitutes a conflict of interest as to ID's ability to remain objective in its communication regarding the subject company...more safe harbor and disclaimer http://gaskinsco.com/report-disclaimer-c.htm
Contact: Boundary Point Investor Relations Inc. 1-866-378-7372
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