Suntech raises funds through private placement - NewConnect debut in early October  September 23, 2008

Suntech S.A., a fast-growing provider of software for telecommunications operators, has completed successfully its private placement. The company will enter NewConnect at the beginning of October. Twenty two new shareholders acquired 578,220 D-series shares at PLN 1.65 each. Thus the company raised PLN 954,000 (i.e. 5.3% of its share capital), which it will earmark on implementing its new development strategy.

A key element of the new strategy is to expand into the global telecommunications markets. To this end, the company has formed an export sales department. Also, Suntech plans to gradually increase its local market share, develop the current product offering, and build the Suntech brand image and awareness.

”The NewConnect debut is one of many elements of our long-term strategy. Our attractive product portfolio and the development directions of the telecom sector create great opportunities for our company. In order to fully realise the market potential, we plan further investments in production and sales. We will make sure that each zloty which we receive from the investors is spent wisely,” said Piotr Saczuk, the Board Chairman of Suntech S.A.

“It is an innovative and fast-growing company from the new technology sector, which fits ideally into the idea of NewConnect. I strongly believe that the experienced and visionary Management Board of Suntech will efficiently handle the company’s development, ensuring expected profits to the investors,” said Marcin Duszyński, CEO of Capital One Advisers.