Deal Aims for the Chinese Solar Market

April 5, 2004 [] Universal Communication Systems, signed and entered into a major joint venture agreement with the General Manager of JiangSu Yangtze Petrochemical, of Shanghai, China, a division of PetroChina. A new Chinese corporation, named Shanghai Gaochen Energy Technology and Development (SGETD), has been formed for the proposed new business. Under the terms of the agreement, SGETD will initially market a range of AirWater machines and systems to the Chinese government and commercial markets. In addition, for UCSY subsidiary Millennium Electric T.O.U. Limited’s PV Solar Energy Panels and Systems, the companies will jointly develop the local market for Photovoltaic Solar Panels and Systems, for sales and distribution to both the Chinese market and for export to other markets around the world. It is also anticipated that the group will eventually contract to manufacture a range of Millennium’s PV Solar panels in China.
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