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   Strategies & Market TrendsSpeculating in Takeover Targets

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To: richardred who wrote (5556)11/17/2020 12:53:32 PM
From: richardred
   of 6084

Interesting! How things do change!

AXT Announces Strategic Plan to Access China’s Capital Markets

Subsidiaries Take First Step Towards an IPO in China
Private Equity Round Underway

  • Process initiated to list shares of subsidiary, Tongmei, on China’s STAR Market
  • Two raw material companies to be merged into Tongmei
  • Definitive agreements executed for initial private placement of shares of Tongmei to meet listing requirements
  • AXT to maintain its Nasdaq listing; its Fremont, Calif. headquarters; and its focus on global opportunities
  • Conference call to discuss the announcement today at 2:30 pm PT. Details included in this release
  • FREMONT, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) -- AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, today announced a strategic plan to access China’s capital markets in order to enhance its ability to support at scale the strong, expected demand for strategic compound semiconductor materials and to continue to elevate its business and manufacturing operations in support of Tier-1 customer requirements, as well as to replenish its cash with minimal dilution and further strengthen its financial structure.

    AXT plans to merge two of its raw material companies into its wafer manufacturing company in China, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), subject to completion of definitive documentation and applicable laws. The two raw material companies, Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. (“BoYu”) and Nanjing JinMei Gallium Co., Ltd. (“JinMei”), and their related entities in China are performing well and add breadth of product diversity to Tongmei.

    AXT will seek to list shares of Tongmei on the Shanghai Stock Exchange’s Sci-Tech innovAtion boaRd (the “STAR Market”), an exchange intended to support innovative companies in China. The process of going public on the STAR Market includes several periods of review and, therefore, is a lengthy process. Tongmei does not expect to accomplish this goal until mid-2022.

    The listing of Tongmei on China’s STAR market will not change the status of AXT, Inc. as a U.S. public company. It is a U.S. company, headquartered in Fremont, California. It will continue to be listed on the Nasdaq Global Select Market under the symbol AXTI.

    To qualify for a STAR Market listing, Tongmei is required to have multiple independent shareholders. The first major step in this process is engaging reputable private equity firms in China to invest funds in Tongmei. In exchange for approximately a 7.14 percent minority interest in Tongmei, private equity firms will invest approximately $50 million. The first tranche investment documents were executed on November 13, 2020 in China and the first tranche of approximately $22.5 million is expected to be received in late November or early December 2020. The second tranche of approximately $26.5 million is expected to fund in January 2021. The second tranche investment documents have not yet been executed. AXT’s ability to retain these investments is contingent upon a successful completion of the STAR Market listing. Tongmei would be required to sell a minimum of 10 percent of its equity in the public offering, bringing the total minority interest held publicly to approximately 17.14 percent, or greater if Tongmei elects to increase the offering above 10 percent.

    “Pursuing a listing on the STAR Market gives us the ability to replenish our cash and increase our market value for our shareholders with minimal dilution,” said Morris Young, chief executive officer. “Further, the additional capital will strengthen our ability to compete for larger business opportunities. We have largely completed the relocation of our manufacturing lines and now our market-leading portfolio of materials is intersecting with what we believe to be some of the biggest, most influential technology trends of the next decade, such as 5G telecommunications, data center connectivity, LED-based lighting and display, and laser-based sensing. In addition to these opportunities, we believe new applications across our portfolio are creating exciting incremental opportunities on the horizon. Strengthening our balance sheet can give our customers greater confidence in our ability to support at scale the strong, expected demand for our strategic compound semiconductor materials.”

    BoYu manufactures pyrolytic boron nitride (pBN) crucibles that are used when growing single-crystal compound semiconductor ingots and used as effusion rings growing OLED tools. JinMei produces 7N+ purified gallium and other specialty materials.

    “The combination of AXT’s wafer manufacturing with BoYu’s and JinMei’s products and capabilities presents a compelling and well-rounded business model,” Young continued. “They synergistically serve a diverse set of customers and markets, providing world-class materials to the semiconductor industry. We believe that the convergence of a strong market opportunity with state-of-the-art manufacturing capabilities and a diverse portfolio of products will make Tongmei an attractive company for the STAR Market and create incremental value for our shareholders.”

    Conference Call

    The company will host a conference call to discuss these results today at 2:30 p.m. PT. The conference call can be accessed at (844) 892-6598 (passcode 7117157). The call will also be simulcast at Replays will be available at (855) 859-2056 (passcode 7117157) until, November 22, 2020. Additional investor information can be accessed at or by calling the company’s Investor Relations Department at (510) 438-4700.

    About AXT, Inc.

    AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT’s worldwide headquarters are in Fremont, California where the company maintains its sales, administration and customer service functions. AXT has manufacturing facilities in China and, as part of its supply chain strategy, has partial ownership in ten companies in China producing raw materials. For more information, see AXT’s website at

    Forward-Looking Statements

    The foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding AXT’s plan to merge Tongmei, its wafer manufacturing company in China, with Boyu and Jinmei, Tongmei receiving the first tranche of private equity investment funds, signing investment documents to secure the second tranche of private equity investment funds into Tongmei and subsequently receiving such funds, completing other preliminary steps in connection with the proposed listing of shares of Tongmei on the STAR Market, being accepted to list shares of Tongmei on the STAR Market and the timing and completion of such listing of shares of Tongmei on the STAR Market. Additional examples of forward-looking statements include statements regarding the market demand for our products, our growth prospects and opportunities for continued business expansion, including technology trends and new applications, our market opportunity and ability to compete for business opportunities, elevating our manufacturing, enhancing our business processes and financial structure, our relocation and our expectations with respect to our business prospects and financial results. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company’s operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include, but are not limited to: the tax and legal consequences of merging Tongmei with Boyu and Jinmei, the lack of interest of private equity funds in China to invest in Tongmei, the withdrawal, cancellations or requests for redemptions by private equity funds in China of investments in Tongmei, the timing of receipt of private equity funds into Tongmei, the administrative challenges in satisfying the requirements of various government agencies in China in connection with the investments in Tongmei and the listing of shares of Tongmei on the STAR Market, continued open access to companies to list shares on the STAR Market, investor enthusiasm for new listings of shares on the STAR Market and geopolitical tensions between China and the United States. Additional uncertainties and factors include, but are not limited to, the timing and receipt of significant orders; the cancellation of orders and return of product; emerging applications using chips or devices fabricated on our substrates; end-user acceptance of products containing chips or devices fabricated on our substrates; our ability to bring new products to market; product announcements by our competitors; the ability to control costs and improve efficiency; the ability to utilize our manufacturing capacity; product yields and their impact on gross margins; the relocation of manufacturing lines and ramping of production; possible factory shutdowns as a result of air pollution in China; COVID-19 or other outbreaks of a contagious disease; tariffs and other trade war issues; the financial performance of our partially owned supply chain companies; policies and regulations in China; and other factors as set forth in the company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company’s control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

    Gary Fischer
    Chief Financial Officer
    (510) 438-4700

    Leslie Green
    Green Communications Consulting, LLC
    (650) 312-9060

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    From: richardred11/19/2020 12:23:21 PM
       of 6084
    A new buy today- CNDT- Conduent. I will join Carl Icahn @ 4.07. I never like the name change from this once part of Xerox company Current portfolio 75% cash 25% equity. Carl is selling his Caesars Entertainment and buying more XEROX. Xerox's try to buy HP ended in failure. CNDT seems an under the radar company now. The last Qtr. earnings for CNDT & XRX seemed quite good. Carl needs to make up for the Hertz debacle.


    Message 32435359

    Message 32435182

    Message 30331013

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    To: richardred who wrote (6003)11/19/2020 1:02:40 PM
    From: richardred
       of 6084
    Harbert very unhappy. Will they keep buying more shares?

    Harbert Discovery Fund Issues Letter to Enzo Biochem Board of Directors
    Email Print Friendly Share
    November 18, 2020 13:00 ET | Source: Harbert Management Corporation
    BIRMINGHAM, Ala., Nov. 18, 2020 (GLOBE NEWSWIRE) --

    Elazar Rabbani, Dov Perlysky, Rebecca Fischer,

    We are writing to demand Elazar Rabbani immediately resign as CEO and from the Board of Directors (the “Board”) of Enzo Biochem, Inc. (NYSE: ENZ) (“Enzo” or the “Company”). Harbert Discovery Fund, LP and Harbert Discovery Co-Investment Fund I, LP (collectively “HDF”) currently own approximately 11.74% of the outstanding shares of Enzo, making us the Company’s largest shareholder.

    As you will recall, despite your attempts to further entrench the Board during the last proxy campaign, shareholders overwhelmingly voted to elect Fabian Blank and Pete Clemens as directors on February 25, 2020 largely because of their desire to see change at Enzo. Shareholders voted for Pete and Fabian because of the Company’s long history of underperformance, significant share price declines, and disillusionment with a management team that clearly places its own interests ahead of shareholders. It is no surprise that the fundamental results began to improve after Pete and Fabian joined the Board. Based on the timing and unexpected nature of Fabian and Pete’s resignations, it appears that Chairman and CEO Rabbani has created such an extremely hostile environment that Pete and Fabian found their position untenable as minority members in opposition to Mr. Rabbani’s continued mismanagement.

    Upon disclosing the resignations of Pete and Fabian, Enzo announced that preliminary revenue for fiscal Q1 exceeded $27 million, the highest revenue quarter the Company has achieved in years. Enzo is clearly benefitting from the increased demand for COVID-19 testing, and we expect this dynamic to continue. It speaks volumes that despite the positive revenue news, shares traded down around 2.5%.

    This trading behavior clearly reflects shareholders’ fundamental distrust and frustration with management and the remaining directors. This decline extended the shares year-to-date declines to -25%. Conversely, other public companies benefitting from COVID-19 testing have generated outsized shareholder returns in 2020. Opko, LabCorp, and Quest Diagnostics generated 2020 year-to-date shareholder returns of 169%, 21%, and 19%, respectively. For Enzo, 2020 is a continuation of a long-history of dramatic underperformance.

    Total Shareholder Return
    YTD1 Year3 Year5 Year10 Year20 Year

    Note: Data per Bloomberg as of November 17, 2020.

    Elazar Rabbani has controlled and mismanaged Enzo for over 40 years. He has consistently paid himself bonuses in spite of negative shareholder returns, he has overseen numerous conflicts of interest, and he has failed to create shareholder value. We have spoken with numerous former employees and not a single one has anything positive to say about his leadership or character. There is a consistent theme that he cares more about maintaining control of the Company than supporting his employees, or creating value for shareholders.

    Enough is enough. It is time for the remaining “independent” directors to demand Elazar’s immediate resignation. Upon his resignation, the Company should immediately pursue a sale. M&A multiples are increasing, based on the current demand for lab assets. We believe at a minimum the Company could realize 2x revenues in a sale. Based on recently announced run-rate Q1 fiscal 2021 revenue, that would result in $5.51 per share, or 178% upside from current levels. This is clearly a better option for shareholders than continuing with the current status quo, where even positive fundamental results send the stock down as a result of the extreme and justified distrust of Elazar Rabbani. It is worth noting that the Company has not updated shareholders on the status of its engagement with Lazard since January of 2020. We believe they deserve an update.

    Investors are left to ponder what independent directors Perlysky and Fischer stand to benefit from Elazar’s continued entrenchment. Evidently, they have placed their own interest in furthering Elazar’s unscrupulous behavior and self-dealing ways ahead of thousands of individual and institutional investors.

    We hope that recently added director Mary Tagliaferri is truly independent and capable of an unbiased assessment of Enzo’s management. Time will tell.

    Should directors Perlysky and Fischer refuse to recognize the mandate for change from shareholders and exhibit a preference for systemic cronyism, then at a minimum we request that the Board hire an independent, reputable law firm to investigate Elazar’s various conflicts.

    Shareholders deserve better. You can do better. It is a shame and blight on your and Enzo’s reputations that you won’t.


    Harbert Discovery Fund, LP

    Harbert Discovery Co-Investment Fund I, LP

    Kenan Lucas, Managing Director and Portfolio Manager of Harbert Discovery Fund GP, LLC and Harbert Discovery Co-
    Investment Fund I GP, LLC

    Important Disclosure


    About Harbert Discovery Fund (HDF)

    HDF invests in a concentrated portfolio of publicly traded small capitalization companies in the US and Canada. We perform significant due diligence on each portfolio company prior to investing. In addition to researching all publicly available information and meeting with management, our diligence includes substantial primary research with industry experts, consultants, bankers, customers and competitors. We often spend months or years researching ideas before making an investment decision and we only invest in companies that we believe are significantly undervalued, and where there is the potential for change to enhance or accelerate value creation. In an effort to unlock this potential value, we seek to work directly with the boards and management teams of our portfolio companies privately and collaboratively, engaging with them on a range of factors including governance, board composition, corporate strategy, capital allocation, strategic alternatives and operations. We have effected positive, fundamental changes at our current and past investments through this behind-the-scenes,
    constructive approach. HDF currently has board representation at three of our portfolio companies. In each case, changes to the board were agreed upon privately and it is our strong preference in every investment to avoid the unnecessary distractions and costs of a public proxy campaign.

    About Harbert Management Corporation (HMC)

    HMC is an alternative asset management firm with approximately $7.4 billion in regulatory assets under management as of October 31, 2020. HMC currently sponsors eight distinct investment strategies with dedicated investment teams. Additional information about HMC can be found at

    HMC Investor Relations
    Telephone: 205.987.5500

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    To: richardred who wrote (6024)11/29/2020 5:44:55 PM
    From: richardred
       of 6084
    There back!

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    From: richardred12/9/2020 11:56:47 AM
    1 Recommendation   of 6084
    An old favorite (MTSC) in my early years. I don't forget companies that were very good to me. MTSC get a buyout bid.

    Amphenol Corp. to Acquire MTS Systems for $1.7 Billion
    BY MT Newswires
    — 9:52 AM ET 12/09/2020

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    To: richardred who wrote (5842)12/11/2020 9:34:29 AM
    From: richardred
       of 6084
    IMO a very stingy takeout price. It will be interesting to see if there's a shop around clause? IMO Perfect fit for privately held Otter Box.

    Zagg Agrees to be Acquired by Evercel-Led Group For Up to $4.45 a Share
    BY MT Newswires

    — 9:28 AM ET 12/11/2020

    To: Touching who wrote (56691)1/19/2016 12:18:41 PM
    From: richardred of 65671
    Thanks for the opinion. I believe Privately held Otter Box is a good gauge as a top competitor. Both this company and Otter Box have grown through acquisitions. I believe the cell phone protective case and glass market will be a good growth market going forward. (New & replacement market)
    If the PE remains 11 or below. While margins and cash flow hold, or expand moving forward. IMO it should also increase the M&A speculative appeal of this company.

    Message 30414646

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    To: richardred who wrote (5595)12/14/2020 9:51:18 AM
    From: richardred
    1 Recommendation   of 6084
    The fisherman becomes the fish!

    AstraZeneca's $39 Billion Acquisition of Alexion Represents 'Full, Fair Price,' Wedbush Says

    MT Newswires – 9:20 AM ET 12/14/2020

    From: richardred10/17/2019 7:20:12 AM

    of 6027
    Alexion Agrees to Acquire Biopharma Firm Achillion in $930 Million Cash Deal
    BY MT Newswires
    — 1:28 PM ET 10/16/2019

    To: richardred who wrote (3894)5/6/2015 9:31:20 AM
    From: richardred of 6027
    What a premium for a company with no products on the market.

    Alexion Pharma to pay $8.4 billion for Synageva BioPharma

    Alexion Pharmaceuticals will pay a huge premium to buy fellow rare disease treatment maker Synageva BioPharma in an $8.4-billion deal for a company with no products on the market.

    Shares of Synageva more than doubled in value before markets opened Wednesday and after Alexion said it will pay $115 in cash and a portion of its stock for each Synageva share. That puts the total per-share price at about $226, based on the Tuesday closing price of Alexion shares.

    That's a premium of about 136 percent to the $95.87 closing price Tuesday of Synageva BioPharma Corp. shares.

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    From: richardred1/27/2021 1:11:12 PM
    1 Recommendation   of 6084
    For the first time in 44 years. Been out of the market completely on Jan 18.

    GME- Time for a stock offering. :+ ) Today was kinda unique that social media could target heavily shorted stock without any justifiable fundamentals. What could go wrong! I guess we will find out. To bee sure. There will be money made and money lost.

    P.S. Had plenty of good ice cream this past year, and even the whip cream to go with it. I'm not going to wait around for the cherry on TOP. Good luck to those who are still long. As I've said before. IMO the boy scout saying still applies. " Always Be Prepared." Meanwhile, make money and prosper!


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    To: richardred who wrote (6029)1/28/2021 12:36:40 PM
    From: richardred
       of 6084
    Well that didn't take long. After the enormous task of moving my desk into the desk in the basement for my future trading room. Along with hooking up the desktop and a bundle of wires. Plus my lack of enthusiasm to buy something new in current market conditions. I've been checking over the many watch list I have. Taking a stab again at GNE-GENIE ENERGY .

    I've owned it before,two successful prior trades on this one but from my prior ownership. It's much better off financially and has a nice dividend yield to go along with it. Being in the utilities sector. IMO- It fits my Retired investor trader selection quite well I think.Because of my many small cap investments. FWIW- I found it quite a task to liquidate my portfolio completely to mitigate my risk in retired life. Sure I didn't maximize my potential gains, in many stocks but No regrets-

    Message 28866276
    Message 31050692

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    To: richardred who wrote (6030)2/11/2021 1:09:43 PM
    From: richardred
       of 6084
    Added to GNE today. Bought mainly for the dividend and improving earnings moving forward.

    P.S. Small kicker -GNE's small solar interest. I found it interesting that Prism has a plant in N.Y. .

    Prism Solar Expands Solar Panel Deployments for JPMorgan Chase
    November 5, 2019

    2019 AR

    Prism Solar Technologies
    The Company acquired a 60.0% controlling interest in Prism in October 2018. On April 12, 2019, Prism restructured its ownership. The Company now holds 60.0% interest in Plus EnerG which owns 100% of Prism. Prism is a solar solutions company engaged in solar panel manufacturing, solar installation design and project management. In the U.S., Prism’s solar panels are used in residential, office and commercial buildings. Residential applications include solar sun rooms (solariums), skylights, canopies and sun decks. Prism’s solar panels are used in the construction of parking canopies, electric vehicle car ports, parking structures, vertically mounted on buildings and many other custom applications.Certain of Prism’s solar panels are designed with high efficiency N-type silicon solar cell technology designed into bifacial solar modules. This technology results in a reduction in the average cost per kilowatt hour. Elements of the technology that Prism uses are protected under patent application. The glass-on-glass design of the solar panels increases the durability and lifetime value of the solar panels. Unlike traditional solar modules, where photo-voltaic (“PV”) cells can only use the sunlight that strikes the front of the module, Prism’s bifacial modules generate energy on both sides, capturing a substantial amount of light scattered from clouds and surrounding surfaces. In traditional modules this additional light is not converted into electricity. Prism’s solutions are especially valuable when Prism’s modules are mounted over highly reflective backgrounds, such as white roof, snow, sand, or other light-colored surfaces.Solar Industry OverviewProducts and services in this industry consist of silicon modules and cells, thin-film modules and cells and other modules cells. The demand for solar panel manufacturing is impacted by government programs, commodity prices and international trade.13Solar energy is one of the fastest growing forms of renewable energy with numerous economic and environmental benefits that make it an attractive complement to and/or substitute for traditional forms of energy generation. In recent years, the price of PV solar power systems, and accordingly the cost of producing electricity from such systems, has dropped to levels that are competitive with or even below the wholesale price of electricity in many markets. The rapid price decline that PV solar energy has experienced in recent years has opened new possibilities to develop systems in some locations with limited or no financial incentives. The fact that a PV solar power system requires no fuel provides a unique and valuable hedging benefit to owners of such systems relative to traditional energy generation assets. Once installed, PV solar power systems can function for 25 or more years with relatively less maintenance or oversight compared to traditional forms of energy generation. In addition to these economic benefits, solar energy has substantial environmental benefits. For example, PV solar power systems generate no greenhouse gas and other emissions and use no or minimal amounts of water compared to traditional forms of electricity generation. Worldwide solar markets continue to develop, aided by the above factors as well as demand elasticity resulting from declining industry average selling prices, both at the module and system level, which make solar power more affordable.The solar industry continues to be characterized by intense pricing competition, both at the module and system levels. In particular, module average selling prices in the United States and several other key markets have experienced an accelerated decline in recent years, and module average selling prices are expected to continue to decline globally to some degree in the future. In the aggregate, we believe manufacturers of solar cells and modules have significant installed production capacity, relative to global demand, and the ability for additional capacity expansion. We believe the solar industry may from time to time experience periods of structural imbalance between supply and demand (i.e., where production capacity exceeds global demand), and that such periods will put pressure on pricing. Additionally, intense competition at the system level may result in an environment in which pricing falls rapidly, thereby further increasing demand for solar energy solutions but constraining the ability for project developers, EPC companies, and vertically-integrated solar companies such as Prism to sustain meaningful and consistent profitability. In light of such market realities, we are focusing on our strategies and points of differentiation, which include our advanced module and system technologies, our manufacturing process, our vertically-integrated business model, our financial viability, and the sustainability of our modules and systems.Multiple markets within the United States, exemplify favorable characteristics for a solar market, including (i) sizeable electricity demand, particularly around growing population centers and industrial areas; (ii) strong demand for renewable energy generation; and (iii) abundant solar resources. In those areas and applications in which these factors are more pronounced, our PV solar energy solutions compete favorably on an economic basis with traditional forms of energy generation. The market penetration of PV solar is also impacted by certain state and federal support programs, including the current 30% federal investment tax credit, as described under “Support Programs.” We have significant experience and a market leadership position in developing, engineering, constructing, and maintaining utility-scale power plants in the United States, particularly in California and other southwestern states, and increasingly in southeastern states. Currently, our solar projects in the United States account for a majority of the advanced stage pipeline of projects that we are either currently constructing or expect to construct.Customers; MarketingThe services of GES — Diversegy and Prism — are made available to customers via multiple channels and under several offerings. The majority of our customer base consists of medium to large commercial customers who are looking to be more efficient with their energy consumption. Our sales channels and marketing activities include a direct sales force, commission-only referral agents, telemarketing, digital marketing and radio advertising.Sources of Material and Manufacturing We have designed our manufacturing processes to produce high quality products that meet our customers’ requirements at competitive costs. The Company employs a mix of outsourced manufacturing through high quality contract manufacturers and direct manufacturing capabilities in its Highland, New York facility.We source our raw materials through a portfolio of component manufacturers and invest resources in continued cost-reduction effort. In all cases we seek a second and third source so as to limit dependence on any single suppliers.

    Competition The market for solar electric power technologies is competitive and continually evolving. In the last year, we faced increased competition, resulting in price reductions in the market and reduced margins, which may continue and could lead to loss of market share. Our solar power products and systems compete with many competitors in the solar power market, including, but not limited to Canadian Solar Inc., Hanwha QCELLS Corporation, JA Solar Holdings Co., Kyocera Corporation, LG Corporation, Jinko Solar, NRG Energy, Inc., Panasonic Corporation, Sharp Corporation, SunRun, Inc., Tesla, Inc., Trina Solar Ltd., Vivint, Inc., LONGi Solar, REC Group, Hyundai Heavy Industries Co. Ltd., and Yingli Green Energy Holding Co. Ltd. and First Solar, Inc.We also face competition from resellers that have developed related offerings that compete with our product and service offerings, or have entered into strategic relationships with other existing solar power system providers. We compete for limited government funding for research and development contracts, customer tax rebates and other programs that promote the use of solar, and other renewable forms of energy with other renewable energy providers and customers.In addition, universities, research institutions, and other companies have brought to market alternative technologies, such as thin-film solar technology, which compete with our PV technology in certain applications. Furthermore, the solar power market in general competes with other energy providers such as electricity produced from conventional fossil fuels supplied by utilities and other sources of renewable energy such as wind, hydro, biomass, solar thermal, and emerging distributed generation technologies such as micro-turbines, sterling engines and fuel cells.

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