SHANGHAI, China, Aug. 15 /PRNewswire-FirstCall/ -- Perfectenergy International Limited (OTC:PFEN) (BULLETIN BOARD: PFEN) closed its acquisition of Shanghai, China-based Perfectenergy International Limited, a designer, manufacturer, and marketer of customized and standard solar cells, modules and systems. The Company also announced that it closed on approximately $18.4 million of equity financing through the sale of common stock and warrants. The proceeds of this financing will be used for ongoing research and development of high-efficiency cells and modules, as well as to expand production capacity and support the working capital requirements of its current purchase orders. The equity financing was lead-managed by Canaccord Adams Limited and co- managed by Knight Capital Markets. "The capital from this offering will enable our business to meet our worldwide customers' rapidly growing demands for solar products and accelerate our leading product development activities" commented Jack Li, CEO of Perfectenergy International Limited. "Becoming a public company allows Perfectenergy to enjoy exposure amongst our industry and the investment community, while providing us with access to the capital markets as we continue to expand market share and grow our revenues and earnings." About Perfectenergy International Limited Perfectenergy International Limited designs, manufactures, and markets customized and standard photovoltaic ("PV") solar cells, modules and systems for the worldwide solar market. Perfectenergy currently sells its products into Europe and Asia. The Company began producing its solar products in 2005 from its sophisticated 67,000-square foot manufacturing plant in Shanghai, China. The full details of the transactions described in this press release can be found in our filings with the Securities and Exchange Commission. Safe Harbor Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause the our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements. DATASOURCE: Perfectenergy International Limited CONTACT: Corporate Information of Perfectenergy International Limited, +86 (21) 54888436, fax, +86 (21) 54888243

Copyright