Zentric, Inc. Relatively Unaffected By U.S. Commerce Department Decision on New Import Tariffs
PHOENIX, March 22, 2012 /PRNewswire/ -- Zentric, Inc. (OTCBB: ZNTR) (OTCQB: ZNTR) William Tien, President of Zentric, Inc. is pleased to report that the recent decision by the U.S. Commerce Department to impose new import tariffs ranging from 2.9% - 4.73% on Chinese manufacturers of solar panels will have minimal effect on the acquisition cost that Zentric has secured to fulfill the first 20MW - $72 million phase of the EPC contract its wholly owned subsidiary Zentric (HK) Limited has been awarded in Benson, Arizona.
The new tariffs are low, making the Commerce Department decision "a relatively positive outcome for the U.S. solar industry and its 100,000 employees," said Jigar Shah, president of the Coalition for Affordable Solar Energy and as reported on March 21, 2012 in an online article from Associated Press http://www.msnbc.msn.com/id/46799002. Mr. Shah continues, "However, tariffs large or small will hurt American jobs and prolong our world's reliance on fossil fuels. Fortunately, this decision will not significantly raise solar prices in the United States."
Mr. Tien remarked, "Zentric has been developing strong relationships with solar panel makers in China as well as in other countries in order to secure the best quality and price for our supply. We are very pleased that the new Import Fees will not significantly affect our suppliers and we will be able to maintain the profit margins we had anticipated."
Mr. Jeff Mak, CEO of Zentric, Inc. adds, "Our patented battery technologies will be a significant advancement for solar farm operators worldwide increasing their efficiency and ROI by increasing power sales to the grid by as much as 30%. This new ruling by the U.S. Commerce Department insures that the ongoing construction and development of solar power plants in the USA will remain robust creating a significant market for our leading edge battery technologies."
For further information on Zentric, please go to: www.ZNTR.com.
About Zentric, Inc.
Zentric, Inc. is a technology company that believes in making our contribution to saving the environment through the development of advanced patented battery technologies and in support of alternative energy and various other "green" initiatives. Zentric, Inc. has recently become actively involved in the supply and project management of a solar energy 20MW project in Benson Arizona and will continue to seek similar opportunities to participate in Renewable and Alternative Energy initiatives on a global basis.
Forward-Looking Statements: Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
CONTACT:
William TIEN
President
ZENTRIC INC
SOURCE Zentric, Inc.
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