Solar Enertech Corp (PINK:SOEN)

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Tuesday, August 30, 2011

The Company has not received the approval from Shanghai Government as of the date of the Company's Quarterly Report (Form 10-Q) was filed with the Securities and Exchange Commission. It is estimated that the approval will be granted to the Company in September 2011. (iv) The Company’s subsidiary in Yizheng Jiangsu Province was formed with a registered capital requirement of $33 million, of which $23.4 million is to be funded by October 16, 2011. In order to fund the registered capital requirement, the Company will have to raise funds or otherwise obtain the approval of local authorities to extend the payment of registered capital for the subsidiary. (v) On February 8, 2010, the Company acquired land use rights of a parcel of land at the price of approximately $0.7 million. As part of the acquisition of the land use right, the Company is required to complete construction of a facility by February 8, 2012.

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Tuesday, March 22, 2011

As previously reported, on March 19, 2010, Solar EnerTech Corp. entered into an Exchange Agreement with Capital Ventures International whereby the Company issued a Series B-1 Convertible Note (the “Note”) to CVI with an original principal amount of $1,815,261.

On March 15, 2011, the Company received a letter from CVI alleging that a Trigger Event (as defined in the Note) has occurred, because on February 22, 2011, the Company’s common stock switched from trading on the OTCBB, the OTC Bulletin Board, to OTCQB, a new marketplace developed by the OTC Markets Group. As a result, CVI wishes to accelerate all principal, interest and late charges outstanding under the Note. Furthermore, CVI requests that the Company remit payment of the Trigger Event Redemption Price (as defined in the Note), which includes an additional redemption premium.

As of the date hereof, the outstanding principal under the Note is $1,640,261 and the outstanding interest is $21,571. The Company estimates that, if a Trigger Event were to have occurred, the Trigger Event Redemption Price as of the date hereof would be approximately $2,077,290, which includes the outstanding principal and interest.

The Company disputes CVI’s interpretation of the Note and continues to actively engage in discussions with CVI. The Company hopes that a resolution can be reached, but there can be no assurance that the Company will be able to reach a satisfactory agreement with CVI.

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