UNSS Universal Solar Technology Inc (CE)

Universal Solar Technology Inc. (UNSS.OB), a developer of solar grade ingot, wafers and high efficiency solar photovoltaic modules, announced results for the first quarter ended March 31, 2010.

“The Company has been entirely focused on completing new production facilities in Nanyang City, Henan Province that will efficiently produce 50MW silicon ingots, 20MW solar wafers and 30 MW solar PV modules,” said Wensheng Chen, the Board Chairman and CEO of the company. With production testing to begin this summer, we expect UNSS will quickly become a highly efficient supplier to a very rapidly growing market for solar PV products.”

The Company noted that it had hired 54 manufacturing employees by the end of the first quarter and over 90 as of the date of this press release. It has signed contracts for delivery of raw materials including silicon and has begun to build products for inventory in preparation for initial customer sales.

There were no revenues during the first quarter of 2010 compared to $659,948 for the three months ended March 31, 2009, representing sales to one customer of solar PV modules. Net loss for the first quarter was $248,642 compared to $21,382 for the first quarter of 2009 reflecting the absence of revenue and expenses related to consulting, legal and audit fees in relation to registration of the common stock with the SEC.

The Company also noted that during the three months ended March 31, 2010, the Chairman, Mr. Chen, advanced the Company $821,000 as a deposit for future delivery of production equipment.

Please refer to our 10Q report filed today with the Securities and Exchange Commission for additional information on the results and operations.

The Company will host an earnings conference call on Friday, May 21, 2010 at 3:00 PM US Eastern time. To listen to or participate in the discussions on the internet: https://www1.gotomeeting.com/join/218761913. Use your microphone and speakers (VoIP) - a headset is recommended. Or, call in using your telephone. Dial 213-286-1200 Access Code: 218-761-913 Audio PIN: Shown after joining the meeting. Meeting ID: 218-761-913

ABOUT UNSS

Universal Solar Technology Inc. manufacturers solar products and provides solar power systems using advanced manufacturing technologies and equipments. Products include solar-grade silicon material (ingots and wafers), solar modules, solar lights and solar power systems. Arizona State University Photovoltaic Testing Laboratory has certified that UNSS Photovoltaic Modules satisfy the standards and requirements of the International Engineering Consortium and has passed the standards for selling products to countries in the European Union. www.ustnevada.com/en

Forward Looking Statements:

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of this document, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this document.

Universal Solar Technology (CE) (USOTC:UNSS)
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