Solar EnerTech Corp. Announces Completion of $5.6 Million Financing -- Engages Knight Capital Markets LLC as AdvisorsTicker Symbol: U:SOEN
MENLO PARK, CA -- (MARKET WIRE) -- 12/07/06
Solar EnerTech Corp. (OTCBB: SOEN) (the Company) reports that it has completed private placements that provided funding in the amount of US $5.6 million dollars. The funds were raised as $5.1 million in equity private placements and $500,000 in convertible debentures, which are convertible at a future date. The use of these funds is allocated towards the completion of the Company's Shanghai-based manufacturing facility and acquisition and installation of equipment slated for the facility. Other uses include software development, and implementation of sales and marketing efforts focused on generating product sales.
In related news, Management wishes to announce the engagement of Knight Capital Markets LLC ("KCM") on an advisory basis to the Company. KCM operates as a market-maker in the Nasdaq Intermarket(TM), the over-the-counter market for New York Stock Exchange and American Stock Exchange listed securities. KCM is a broker-dealer registered with the SEC and is a member of the Nasdaq Stock Exchange and the NASD.
Knight Capital Markets is part of Knight Capital Group, Inc. headquartered in Jersey City, NJ and with offices throughout the USA and abroad. Founded in 1995, the company makes markets or trades in more than 16,000 equities and supplies liquidity to a great number of small and thinly traded equities. The Group is the largest market maker in listed securities in the third market, accounting for 4.72% of all daily listed share volume. Knight is a market leader in OTC equities and is ranked as the #2 market maker in Nasdaq volume with more than 8% market share; the #1 market maker in Nasdaq Small Cap stocks with more than 29% market share and is the #1 market maker in OTC Bulletin Board volume with more than 37% of market share. For more information about the company visit:
http://www.knight-sec.com/
Knight Capital Markets is part of Knight Capital Group, Inc. headquartered in Jersey City, NJ and with offices throughout the USA and abroad. Founded in 1995, the company makes markets or trades in more than 16,000 equities and supplies liquidity to a great number of small and thinly traded equities. The Group is the largest market maker in listed securities in the third market, accounting for 4.72% of all daily listed share volume. Knight is a market leader in OTC equities and is ranked as the #2 market maker in Nasdaq volume with more than 8% market share; the #1 market maker in Nasdaq Small Cap stocks with more than 29% market share and is the #1 market maker in OTC Bulletin Board volume with more than 37% of market share. For more information about the company visit: http://www.knight-sec.com/
Company CEO Leo S. Young, states, "We are extremely fortunate and pleased to have the participation of Knight Capital Markets during this exciting period of growth. We feel certain that their expertise and guidance will benefit the Company greatly. We are confident that our rapid development will bring great returns for our investors."
The securities mentioned above and issued in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act of 1933.
About Solar EnerTech Corp. (OTCBB: SOEN)
Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000-square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and 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
Investor Relations Contact
Boundary Point Investor Relations Inc.
1-866-378-7372
http://www.solarenertech.com