Sino-American looks for 30% rise in shipment for next year

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Sino-American Silicon Products told Reuters.com that it expects its shipments to rise around 30% in 2010 as it sees that global market for solar power improving. Sino-American president Doris Hsu, told Reuters that the company is looking to raise cash by issuing shares and will see an increase in profit next year due to a higher demand for solar products, better wafer prices and lower raw material costs.

Sino-American is looking to ship around 400MW of wafers in 2010, which would be an increase from the 280MW they shipped this year. In addition the company is looking to take advantage of the solar markets in China and the US, where there are more incentives for solar projects.

Currently, Sino-American is negotiating the acquisition of a company in the US and, with its GlobiTech unit, will undertake the solar panel-making business with a 100MW solar module facility in the next three years, which Hsu hopes to eventually list on the Nasdaq.

Hsu concluded that although the company has not yet determined the size or timing for the share issue, they are still planning to issue new shares and target to raise less than $100 million.

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