Apollo Solar Energy Releases 10K of 2010 on April 8, 2011

CHENGDU, China, April 11, 2011 /PRNewswire-Asia-FirstCall/ -- Apollo Solar Energy, Inc. (OTCBB: ASOE) ("Apollo" or "the Company"), a vertically integrated miner, refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide filed its 2010 Annual Report on Form 10-K on April 8, 2011.

Net sales for the year ended December 31, 2010 were $9,594,382, compared to the net sales of $7,813,605 for the year ended December 31, 2009. For the year ended December 31, 2010 the Company had a net loss of $6,198,432, compared to a net loss of $915,571 for the year ended December 31, 2009. The primary reason for the increase in net loss in 2010 was a decrease in gross margin and an increase in costs, primarily in administrative costs representing increased depreciation expenses and professional fees. In 2010, stock based compensation expense was $3,595,196. In 2009 stock based compensation expense was $1,844,233. Excluding stock based compensation expenses, we incurred other general and administrative expenses of $3,375,996 for the year ended December 31, 2010, as compared to expenses of $3,742,275 for the year ended December 31, 2009, representing a decrease of 9.79%. This decrease was primarily due to stricter budget controls introduced by our current management team.

"Although the Company had a net loss for 2010, we believe we made significant progress in 2010. The Company signed a long-term material supply agreement with First Solar, and further penetrated the international market in 2010, with 66.8% of total sales in 2010 representing exports, compared only 13% in 2009. Additionally, we entered into a Joint Research Agreement with the New Jersey Institute of Technology with a joint goal towards developing novel CdTe thin film PV technology," Dr. Jingong Pan, CEO of Apollo Solar, stated, "We believe that our new marketing strategy, which focuses on additional three product lines (material for solar panel glass, material for signal integrated processors and substrate material for LED) will have a positive impact on our future results of operations. In addition, we believe that the Chinese government's increasing support of solar energy developments will increase demand for our products in 2011 and beyond."

About Apollo Solar Energy, Inc.

Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in mining, refining and producing high purity tellurium (Te), tellurium-based compounds and other metals for thin film solar PV industry and for specific segments of the electronic materials market worldwide. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra- high purity metals and commercial-purity metals.

Safe Harbor Statement

The statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the Company's expected results from the Joint Research Agreement with the New Jersey Institute of Technology, including but not limited to the possible development of novel CdTe thin film PV technology, the impact of our focus on new marketing strategies and the predicted effects of the Chinese government's support of solar energy', are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.

SOURCE Apollo Solar Energy, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED