China Solar & Clean Energy Sol (OTC:CSOL)

LIMA, Peru, June 1, 2016 (GLOBE NEWSWIRE) -- During the first quarter, Camposol Holding Ltd. reported an EBITDA of USD 7.7 million, 417.1% higher than 1Q-2015 mainly explained by higher volumes of blueberries and mangos, and seafood segment turnaround to positive EBITDA. EBITDA margin for 1Q-2016 increased to 11.8% from 2.1% in 1Q-2015. This is record EBITDA for a first quarter for Camposol Holding Ltd. As of March 31st, 2016, Camposol Holding Ltd. reported record last twelve month EBITDA of USD 49.1 million. Camposol Holding Ltd.'s leverage ratio improved from 5.3x at the end of 2015 to 4.2x at the end of 1Q-2016.

The Company sold 19,878 net MT during the first quarter of 2016, down 19.2% from 1Q-2015 mainly explained by a decrease in volumes of asparagus, peppers and artichokes (as a result of the exit from the preserved business); and a decrease in volumes of grapes, shrimp and other seafood products, net of an increase in volumes of blueberries and mangos. The average price was USD 3.30 per net KG, up 13% from 1Q-2015, mainly explained by an increase in realized prices of shrimp and other seafood products as well as higher prices of asparagus.

As a result, Camposol Holding Ltd. reported sales of USD 65.7 million in the first quarter of 2016, down 8.4% from 1Q-2015. Average cost of goods sold during the first quarter of 2016 was USD 2.80 per net KG, up 4.9% from 1Q-2015 mainly explained by higher cost in asparagus.

As of March 31st, 2016, the Company maintained a cash balance of USD 28.0 million.

On May 27th, 2016, the Company successfully closed its Exchange Offer for its 9.875% Senior Notes due 2017 (the "Existing Notes") for newly issued 10.50% Senior Secured Notes due 2021 (the "New Notes"), with a participation of 73.75% of holders of Existing Notes, representing USD 147'490,000, of the aggregate USD 200'000,000 principal amount of Existing Notes outstanding.

Camposol's shareholders have confirmed their support to the Company by committing a total financing facility of up to USD 30.0 million, through a subordinated loan of up to USD 10.0 million and a working capital credit line of up to USD 20.0 million to be used in case the Company should require it. This important support confirms the shareholder's confidence in the fundamentals and growth perspective of the Company.

The Company expects to continue its diversification strategy by increasing the blueberries production in the Fruits & Vegetables (F&V) segment and by increasing the conversion of shrimp ponds in the Seafood segment. The Company also expects to continue to reinforce the Trading segment through more direct sales to retailers, adding value to its clients through commercial, marketing and service initiatives, which should result in higher margins.

"First quarter results were good and in line with our expectations. By year-end, the Company results will reflect an important increase of our blueberries segment as well as the outcome of our continued work to increase our bottom line. We are grateful to our stakeholders for the confidence placed in us, we will continue making of Camposol a world-class company", stated Manuel Salazar Diez Canseco, CEO of Camposol Holding Ltd.

The long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and blueberries consumption is growing, with headroom for increased per capita consumption in key markets. In the case of asparagus, although consumption is stable, supply is falling due mainly to reduced exports from China. The Company expects good demand for all fresh produce in general and for avocados specifically in both the United States and Europe.

LIMA, Peru, Oct. 29, 2015 (GLOBE NEWSWIRE) -- Camposol Holding Ltd. sold 28,995 net MT during the third quarter of 2015, up 15.6% from Q314 mainly explained by higher volume of avocados and blueberries. The average price was USD 2.53 per net KG, up 3.3% from Q314 mainly explained by an increase in prices of fresh avocados and asparagus.

As a result, Camposol Holding Ltd. reported sales of USD 73.4 million in the third quarter of 2015, up 19.9% from Q314.

During the third quarter of 2015, EBITDA was USD 14.9 million, 260.0% higher than Q314 explained by higher volume and prices for avocados, higher volume and reduced cost per unit of blueberries. EBITDA margin for Q315 increased to 20.3%.

As of September 30^th 2015, the Company maintained a cash balance of USD 33.8 million.

The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries) and Seafood Segment (conversion of shrimp ponds), as well as continue to reinforce the Trading Segment (direct sales to retailers), adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.

"The third quarter results are in line with our expectations. By year-end, the Company results will reflect an important increase of our blueberries segment (around 400% higher in volume than the previous year). Within the next 2 years, we will see an important growth in volumes (avocados, blueberries and shrimp), without additional substantial CapEx", stated Samuel Dyer Coriat, Executive Chairman of Camposol Holding Ltd.

The long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and blueberries consumption is growing, with headroom for increased per capita consumption in key markets. In the case of asparagus, although consumption is stable, supply is falling due mainly to reduced exports from China. The Company expects good demand for all fresh produce in general and for avocados specifically in both the United States and Europe.

Reported sales of USD 71.7 million in the first quarter of 2015, up 18.6% from Q114.

"The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries) and Seafood Segment (shrimp farming), as well as continue to reinforce our Trading Segment (direct sales to retailers), adding value to its clients through commercial, marketing and service initiatives which should result in higher margins. Within the next 2 years, we will see an important growth in our volumes (blueberries, shrimp and avocados), without additional substantial CapEx," stated Samuel Dyer Coriat, Executive Chairman of Camposol Holding Ltd. 

The long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and blueberries consumption is growing, with headroom for increased per capita consumption in key markets. In the case of asparagus, although consumption is stable, supply is falling due mainly to reduced exports from China. The Company expects good demand for all fresh produce in general and for avocados specifically in both the United States and Europe.

JIASHAN, China, August 27, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar modules and wafers, today announced it has agreed to sell 4.6 megawatts ("MW") of its high-quality, high-efficiency 255 watt ("W") poly modules to Solar Planet Power Inc. ("Solar Planet"), a U.S. company specializing in photovoltaic ("PV") system solutions for commercial properties, including system due diligence, financing, design and installation.

Under the terms of the agreement, ReneSola will ship a total of 4.6 MW of its high-efficiency 255 W poly modules to Solar Planet in the third quarter of 2012. Solar Planet intends to order up to 15 MW of additional solar modules within six months following the initial delivery.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract win reflects our deep commitment to the U.S. market, as well as the recognized quality of our high-efficiency modules. Over the past six months, our Americas sales team has worked hard to establish on-the-ground relationships with key solar power players and prospective customers in the United States, as well as to raise brand awareness of our products. Our full line of 60-cell and 72-cell multicrystalline and monocrystalline modules has become increasingly known for their superior technology and performance. We are pleased and proud to deliver these modules to Solar Planet for use in their PV systems. Moreover, we hope to develop a long-term relationship with Solar Planet as we build our business in the Americas and capitalize on the region's growing solar market."

"This strategic partnership with ReneSola will help us reach our big growth plans much faster and smoother," said Siyd Tawana, president of Solar Planet. "We are shooting for about $200 million in solar projects at schools and other public and private sites over the next two years. We have contracts to do installations for more than 30 major school districts, more than 20 municipals and many hospitals, airports and universities in the state of Ohio. We will later expand to other geographic markets in the United States and abroad, and we look forward to completing several new projects using ReneSola modules."

The decrease in sales revenue from solar heaters/biomass stove/boiler related products was due to strong competition, which resulted in a loss of market share in this segment. We expect competition to remain fierce in the solar heater related products market in the foreseeable future. We expect solar heaters in Company continue to decline.

GeoTeam® Note: 2010 vs. 2009 EPS

• Fourth Quarter: $(0.05) vs. $(0.04)

On March 16, 2010, the Company concluded, based, in part, on the recommendation of its current independent auditors, Paritz & Company, P.A., that the financial statements included in the Form 10-K for the period ended December 31, 2008 and the financial statements included in Form 10-Q for the periods ended March 31, 2009, June 30, 2009 and September 30, 2009 should not be relied upon. These financial statements were audited or reviewed by the Company’s prior auditor, Cordovano and Honeck.

2010  second quarter results:

• Sales revenue for the three months ended June 30, 2010 were $10,705,927 as compared to $13,306,863 for the three months ended June 30, 2009, a decrease of $2,600,936 or 19.55%.
  
  • The decrease in sales was primarily attributable to the decline in revenue from our heat pipe related equipments/Energy-saving projects under the management of Tian Jin Hua Neng.
    
• Solar heater/Biomass stove/Boiler related products: Sales revenue for these products for the three months ended June 30, 2010 were $1,786,423 as compared to $1,463,547 for the three months ended June 30, 2009, a increase of $322,876 or 22.06%.
  
  •  The increase in sales revenue derived from solar heaters/biomass stove/boiler related products was due to the increasing demand for solar heater in the second quarter this year.
    
• Heat pipe related equipments/Energy-saving projects: Sales revenue for the three months ended June 30, 2010 was $8,920,032 compared to $11,843,316 for the three months ended June 30, 2009, a decrease of $2,923,284 or 24.68%, because we pay little attention to small orders this year. Not enough attention to mini-orders results in the decrease of sales in the past six months. However, we believe that new and large order clients will increase, which will lead to the increase of sales volume in the next half year.
  
• Net income was $ 1,074,826 for the three months ended June 30, 2010, compared to $ 2,506,647 for the three months ended June 30, 2009. The decrease in net income was mainly due to the gain on disposal of SZPSP last year and the increase in the wages of the staff under the management of Tianjin Huaneng.

The following interview was conducted on May 27, 2010 with the President and CEO of China Solar and Clean Energy Solutions, (OTC BB:CSOL), Mr. Deli Du. The interviewer is Gary Rohland, President of China Growth Partners, Inc. (CGP).

Reference China Growth Partners website: Chinagrowthpartners.com

Responses to questions were received on June 1, 2010.

CGP: Thank you Mr. Du for taking the time to talk to investors about China Solar and Clean Energy Solutions, (CSOL.OB), and the company's prospects for future growth.

Can you give investors an overview of CSOL's history and current operations?

Mr. Du:
We manufacture and distribute solar water heaters, biomass stove, spacing heating devices along with industrial waste heat recovery systems. Our business is conducted through our PRC-based holding subsidiaries, Tianjin Huaneng, Deli Solar (Beijing) and Deli Solar (Bazhou), etc. We are now devoted to the seeking of profitable low carbon opportunities to make investments in expanding distribution channels at home and abroad and in acquiring world leading new energy technologies.

CGP: Can you discuss The PRC government support for energy-saving and green energy solutions, and how CSOL can capitalize on low-carbon industry and new energy initiatives?

Mr. Du:
Chinese government launched a series of policies with subsidy programs, inclusive of the compulsory market share and financial incentives, to support the development of the Chinese new energy industry. China's National Development and Reform Commission ("NDRC") requires the renewable energy projects to account for 15% of China's total energy consumption by the year 2020. Additionally, the Energy Conservation Law was enacted in 2008 along with the Guidelines for Public Building Energy Conservation and the Guidelines for Civilian Building Energy Conservation. On July 9th, 2009, Chinese ministry of Finance and Ministry of Housing and Urban-Rural Development collectively unveiled a cash subsidy program to support the use of renewable energy technologies in the buildings. The cash subsidies ranging from RMB50 million (US$7.33 million) to RMB80 million Yuan from the central government budget. We believe that such government policies may help us promote our new energy products and services in China, further increase our growth opportunities in other low-carbon industries.

Due to the national policies for saving energy and reducing the emission of pollutants, as well as the fundamental needs for manufacturing enterprises to efficiently utilize energy and reduce production costs, there remains a strong demand for our waste heat recovery systems and energy saving heating products in the near term. Tianjin Huaneng is primarily engaged in the production of energy conservation and waste heat recycling systems tailored in accordance with contracts from. However, we believe that cleantech will gradually replace the current widely-adopted low-end technology in the industrial market. We expect to enhance the operations of Tianjin Huaneng towards the design and production of energy-saving products and services for high energy-consumption companies including the petrochemical factories, chemical fertilizer plants and power plants.

CGP: Is any of CSOL's technology protected by patents?

Mr. Du:
Our technical capabilities in the design and manufacturing of industrial waste heat systems are of the leading position as compared to peer companies in China. We have obtained 10 patents for our hot tube heat exchanger and high temperature hot air furnace.

CGP: Is the company currently engaged in research and development? Are there new products in the pipeline that you can discuss?

Mr. Du:
Yes, photovoltaic Powered Water Heaters are currently in the planning and developing stage.

CGP: Can you describe CSOL's sales and distribution network? Specifically, what provinces does the company's distribution network cover, what is the size of the sales force, and are there any initiatives being taken to expand the company's sales reach?

Mr. Du:
We use a network of wholesalers, dealers and retailers to distribute our products, with a focus on the northern PRC area, north-eastern PRC area, Beijing metropolitan area, and Tianjin metropolitan area. The northern PRC area includes Hebei Province, Henan Province, Shandong Province, Shanxi Province and An'hui Province. The north-eastern PRC area includes Liaoning Province and Heilongjiang Province. We have a marketing department consisting of approximately 87 marketing and sales personnel. In 2010, we plan on developing certain foreign markets, and establishing the regional sales and service networks through cooperating with local agencies.

CGP: What about advertising? Does CSOL advertise on TV, radio, or in print media?

Mr. Du:
Based on various advertising effectiveness studies in the PRC, we believe that large scale advertising on TV and other mass media can have a significant impact on rural residential purchase decisions. We spent approximately $497,117 on advertising in 2009.
CGP: Late last year, CSOL announced a strategic alliance with KOE Environmental Consulting in Japan. Can you tell investors more about that alliance, and how it may benefit CSOL?

Mr. Du:
We have been making every effort to seek profitable opportunities in low carbon sector since last year. On November 9, 2009, we entered into a strategic alliance agreement with KOE Environmental Consulting Inc. (Japan) to identify suitable projects under the Kyoto Protocol's Clean Development Mechanism. Last month, Japan's Sumitomo Bank, cooperation partner of KOE, came to visit us and propose constructive ways to facilitate the implementation of specific projects.

CGP: CSOL seems to have a focus on China's rural and developing areas. Can you explain the benefits of this focus over the more developed areas?

Mr. Du:
We believe the rural residential market has additional growth potential with supportive government subsidies for the construction of new rural area and adoption of new energy facilities in buildings. Additionally, as the PRC's rural population has been earning incremental discretionary income in recent years, modern hot water and space heating systems have become increasingly affordable and a priority for discretionary spending. We market our single solar products and biomass stove primarily for the rural markets of the PRC because the size of the rural market for these products in the PRC is, we believe, about eight times larger than that of the urban market. Further, we believe our rural customers regard purchasing a hot water heater as a long-term investment in a durable good, more than urban customer.

CGP: Looking at the financial results, CSOL appears to be turning the corner operationally after reporting a loss of .48/share for 2008, followed by a gain of about .07/share from continued operations for 2009. The most recent quarter shows an improvement from a loss of .07/share to a loss of .02/share, with revenue up about 7% and improving margins.

Going forward, in your first quarter results you mention that you've received RMB 34 million ($5M USD) in orders for industrial waste heat recovery systems. This represents a 28% increase over first quarter revenue which was reported at $3.9M USD. Can you shed some light on when the revenue will be recognized from these orders, and do you believe at this time with this increase in revenues and the higher margins you've experienced in the first quarter, that CSOL will report a net profit for 2010?

Mr. Du:
Good questions. The increase in orders received by Tianjin Huaneng in the first quarter, which has amounted to $5 million in total, is a strong indicator of our capacity for achieving strong revenue growth and reliable profits for the year 2010. We expect the remainder of 2010 continues steady growth momentum.

CGP: Can you provide investors with an estimated earnings/share range for 2010?

Mr. Du: Well, I guess we'll report positive EPS for 2010 in that we made a good start in the first quarter. As the old saying goes, "a good start is half the battle."

CGP: I've noticed from the filings that CSOL now owns a minority stake in Agri Solar Solutions (AGSO.OB), a provider of solar products for commercial agricultural use. Can you describe the percentage of ownership of AGSO.OB, and describe any synergies that exist between the two companies that will benefit CSOL shareholders?

Mr. Du: We hold 28% equity interest of Truefame, but Truefame owns 55.78% shares of Agrisolar, the parent company of Fuwaysun. Therefore, CSOL holds about 15.62% equity interest of Agrisolar. We will continue to hold those shares to enrich our solar product lines and expand distribution channels and related product resources.

CGP: Has CSOL's Board of Directors considered uplisting to a higher exchange, (NYSE/Amex or NASDAQ) in the future?

Mr. Du: When the time is ripe, we'll take any and all action necessary for the best interests of our shareholders.

CGP: Thank you for sharing your time and your insight about CSOL with investors.

Mr. Du: Thank you, Gary.

Safe Harbor Statement

Certain statements in this interview may contain forward-looking information about China Solar & Clean Energy Solutions and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, market and customer acceptance and demand for products, ability to market products, fluctuations in foreign currency markets, the use of estimates in the preparation of financial statements, the impact of competitive products and pricing, the ability to develop and launch new products on a timely basis, the regulatory environment, fluctuations in operating results, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Solar & Clean Energy Solutions undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Disclaimer: Gary Rohland owns shares of CSOL.