Universal Solar First Quarter Results Announced

^{Published on 2011-05-11 19:00:15 - Market Wire}
 

Universal Solar First Quarter Results Announced -- NEVADA, May 11, 2011 /PRNewswire-Asia/ --

NEVADA, May 11, 2011 /PRNewswire-Asia/ -- Universal Solar Technology, Inc. (OTCBB: UNSS) announced results for the first quarter ended March 31, 2011.

Net sales were $955,011 for the first quarter of 2011. All revenues were generated from selling of silicon wafers that were produced in the Company's newly constructed manufacturing facilities in Henan province, PRC. During the comparable period in 2010, the Company did not realize any revenue.

Gross profit for the three months ended March 31, 2011 was $39,066, representing gross profit margin of 4.1%. During the three months ended March 31, 2011, market price of silicon wafers were unexpectedly low due to decrease in selling price of solar cells products.

Net loss increased by $11,740 or 4.7% to $260,382 for the three months ended March 31, 2011 from $248,642 for the comparable period in 2010.

During three months ended March 31, 2011, the Company raised $456,042 from local financial institutions; and related parties, including our CEO, President and companies they control advanced 341,702 to the Company.

Please refer to the 10Q report filed with the Securities and Exchange Commission for additional information on the results and operations, [ www.sec.gov ].

About Universal Solar Technology, Inc.

Universal Solar Technology, Inc. (the "Company") was incorporated in the State of Nevada on July 24, 2007. The Company operates through its wholly-owned subsidiaries, Kuong U Science & Technology (Group) Ltd. ("Kuong U"), a company incorporated in Macau, Peoples Republic of China ("PRC") on May 10, 2007, and Nanyang Universal Solar Technology Co., Ltd. ("NUST"), a company incorporated in Nanyang, PRC on September 8, 2008. The Company manufactures and sells silicon wafers and solar photovoltaic ("PV") modules.

SOURCE Universal Solar Technology, Inc.