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Solar EnerTech Corp. Announces First Quarter of Fiscal Year 2011 Unaudited Financial Results

MOUNTAIN VIEW, Calif. Feb. 11, 2011 December 31, 2010

F irst Quarter 2011 Highlights:

  • $15.5 million $15.3 million $0.2 million $17.7 million $15.3 million $1.2 million $1.2 million
  • $5.0 million $3.9 million $5.8 million $0.7 million

SOLAR MODULES

Q-1 2011

Q-1 2010

% Increase
(Decrease)

Solar Module Shipments

8.0MW

7.9MW

1%

Avg. Selling Price ($ / watt)

$1.91

$1.93

(1%)

Total module shipments increased 1% to 8.0 MW in the first quarter of fiscal year 2011 compared to 7.9 MW in the first quarter of fiscal year 2010.

$15.5 million $17.7 million $15.3 million Europe Australia $0.2 million $15.3 million $1.2 million $1.2 million $1.93 December 31, 2009 $1.91 December 31, 2010 December 31, 2009 December 31, 2010

$1.1 million $1.9 million RMB 16.0 December 31, 2009 RMB 19.9 December 31, 2010

$3.4 million $5.8 million $0.7 million $1.7 million $2.3 million $1.7 million

$5.0 million $0.03 $3.9 million $0.04

Leo Shi Young Europe Australia the United States

"For the quarters to come, we expect to see stronger demand in high-efficiency, high quality products as the solar industry continues to grow more sophisticated. At the same time we are striving to streamline our operations, reduce our costs, and increase our market share," concluded Mr. Young.

Financial Position

December 31, 2010 $1.7 million $6.9 million $0.9 million $5.4 million $2.3 million December 31, 2010 $9.7 million $1.5 million

December 31, 2010 $1.5 million March 19, 2012

About Solar EnerTech Corp.

the United States Mountain View, California Shanghai, China

Shanghai http://www.solarE-power.com

Safe Harbor Statement

Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Solar EnerTech undertakes no obligation to update publicly any forward-looking statements.

(Unaudited Financial Statements Follow )

Solar EnerTech Corp

Unaudited Conso lidated Statements of Operations

Quarter Ended December 31,

2010

2009

Sales

$             15,507,000

$             17,693,000

Cost of sales

(14,391,000)

(15,762,000)

    Gross profit

1,116,000

1,931,000

Operating expenses:

Selling, general and administrative

2,351,000

2,218,000

Research and development

69,000

108,000

Gain on debt extinguishment

(32,000)

Reversal of payroll related tax accrual

(5,817,000)

  Total operating (income) expenses

(3,429,000)

2,326,000

  Operating income (loss)

4,545,000

(395,000)

Other income (expense):

Interest income

3,000

3,000

Interest expense

(71,000)

(4,425,000)

Gain on change in fair market value of compound embedded derivative

202,000

104,000

Gain on change in fair market value of warrant liability

466,000

921,000

Other expense

(158,000)

(132,000)

  Net income (loss)

$               4,987,000

$             (3,924,000)

Net income (loss) per share – basic

$                        0.03

$                      (0.04)

Net income (loss) per share – diluted

$                        0.03

$                      (0.04)

Weighted average shares outstanding – basic

160,416,534

88,256,706

Weighted average shares outstanding – diluted

171,351,607

88,256,706

Solar EnerTech Corp

Consolidated Balance Sheets

December 31, 2010

September 30, 2010

(Unaudited)

(Audited)

ASSETS

Current assets:

Cash and cash equivalents

$                   1,699,000

$                    6,578,000

Accounts receivable, net of allowance for doubtful account of $42,000 and $42,000 at December 31, 2010 and September 30, 2010, respectively

6,902,000

6,546,000

Advance payments and other

941,000

1,274,000

Inventories, net

5,392,000

4,083,000

VAT receivable

1,978,000

870,000

Other receivable

340,000

690,000

Total current assets

17,252,000

20,041,000

Property and equipment, net

8,375,000

8,874,000

Other assets

740,000

735,000

Deposits

103,000

102,000

Total assets

$                 26,470,000

$                  29,752,000

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable

$                   6,089,000

$                    7,895,000

Customer advance payment

979,000

2,032,000

Accrued expenses

2,631,000

2,596,000

Accounts payable and accrued liabilities, related parties

5,817,000

Short-term loans

1,464,000

1,312,000

Total current liabilities

11,163,000

19,652,000

Convertible notes, net of discount

1,473,000

1,531,000

Derivative liabilities

207,000

422,000

Warrant liabilities

436,000

902,000

Total liabilities

13,279,000

22,507,000

STOCKHOLDERS’ EQUITY:

Common stock – 400,000,000 shares authorized at $0.001 par value 171,177,443 and 170,338,954 shares issued and outstanding at December 31, 2010 and September 30, 2010, respectively

171,000

170,000

Additional paid in capital

98,411,000

97,656,000

Other comprehensive income

2,958,000

2,755,000

Accumulated deficit

(88,349,000)

(93,336,000)

Total stockholders’ equity

13,191,000

7,245,000

Total liabilities and stockholders’ equity

$                 26,470,000

$                  29,752,000

Contact:

Solar EnerTech Corp.

CCG Investor Relations

Phone: +86-21-6886-2220

Mr. Mark Collinson, Partner

http://www.solarE-power.com

Phone : +1-310-954-1343

Email : [email protected]

www.ccgirasia.com

SOURCE Solar EnerTech Corp.

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