MOUNTAIN VIEW, Calif.,
March 20, 2012 /PRNewswire/
-- Solar EnerTech Corp. (OTCQB: SOEN) today announced that it
has retained FTI Consulting to review and explore strategic
alternatives for the Company and has appointed a member of FTI
Consulting as Chief Restructuring Officer. In addition, the
Company announced that it has filed a Form 15 with the Securities
and Exchange Commission (the "SEC") to voluntarily deregister its
common stock, par value $0.001 per
share under the Securities Exchange Act of 1934, as amended.
Upon the filing of the Form 15, the Company's obligation to file
certain reports with the SEC, including Forms 10-K, 10-Q and 8-K,
will immediately be suspended. The Company expects that the
deregistration of its common stock will become effective 90 days
after the date of filing of the Form 15 with the SEC.
Thereafter, the Company will no longer be subject to the SEC's
public reporting requirements.
Solar EnerTech's CEO, Leo Shi
Young, explained, "As the Company's liquidity and financial
position continues to be more and more challenging and certain
outstanding obligations become due, we have retained FTI Consulting
to help us assess our situation and develop a plan for maximizing
the return to our stakeholders. Our Chief Restructuring
Officer will enable us to focus efforts on pursuing the strategic
options available to us while management can continue its focus on
Company operations. In addition, we have carefully evaluated
the advantages and disadvantages to the Company of continuing
registration with the SEC, and in light of the costs and
administrative burdens associated with being a public company, our
board has determined that deregistering will result in significant
cost reductions necessary given the Company's liquidity and
financial position."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic solar energy cell manufacturing
enterprise incorporated in the United
States with its corporate office in Mountain View, California and operations in
China. For additional information regarding Solar EnerTech,
please visit http://www.solarE-power.com.
Safe Harbor Statement
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based largely on current
expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond our control that
could cause actual events and results to differ materially from
these statements. These statements are not guarantees of future
performance, and readers are cautioned not to place undue reliance
on these forward-looking statements, which are relevant as of the
date of the given press release and should not be relied upon as of
any subsequent date. Solar EnerTech undertakes no obligation to
update publicly any forward-looking statements.
Contact:
Leo Young
Leo.Young@solarE-power.com
650-688-5800
SOURCE Solar EnerTech Corp.
