MENLO PARK, Calif., May 6 /Xinhua-PRNewswire/ -- Solar EnerTech Corp. (OTC Bulletin Board: SOEN) today announced the results of its proxy vote held on May 5, 2008, at its annual meeting of stockholders.
SOEN stockholders of record as of March 7, 2008 voted on the following five proposals at the annual stockholders meeting:
1. The election of five directors to hold office until their respective
successors are elected and qualified.
2. The ratification of the appointment of Ernst & Young Hua Ming as
the Company's independent auditors for the fiscal year ending
September 30, 2008.
3. An approval to the amendment and restatement of the Company's 2007
Equity Incentive Plan.
4. The approval of an Agreement and Plan of Merger pursuant to which
Solar EnerTech will reincorporate from the State of Nevada to the State
of Delaware.
5. The approval of an increase in the amount of the Company's authorized
shares of common stock from two hundred million to four hundred million.
After a quorum of stockholders was verified, the Company reports that the above five proposals passed with a majority of the vote.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, "We are encouraged by the support we have received for each of our proposals at our annual stockholders meeting. We continue to build a solid foundation for our business and remain focused on enhancing value for our shareholders."
About Solar EnerTech Corp.
The Company is a PV solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a 42,000 square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently the facility is capable of producing 25Mw of solar cells from its existing production line. The Company plans to install a second 25Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
The Company has also established a Joint R&D Lab at Shanghai University to research and develop higher-efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring the Company to the forefront of advanced solar technology research and production. The Company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
SOURCE Solar EnerTech Corp.
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