The delay in filing its Form 10-K is due to the review of agreements concerning the transfer of 48.9% ownership of the Company's subsidiary, Worldwide Energy & Manufacturer (Nantong) Co., that could affect reported 2010 financial results. As previously described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2009, the Company had been in negotiations with the Solar Division management team regarding the transfer of equity ownership of Nantong. In 2010 and 2011, the Company signed certain agreements concerning the transfer of 48.9% ownership of Nantong to the management of Nantong. The Company's audit committee is currently conducting an independent review of the transaction.
Worldwide Energy & Manufacturing USA announced today that it expects fiscal year 2010 revenues to come in at the high end of its guidance based on the year-end sales strength that the Company is experiencing. On December 7, 2010, Worldwide provided revenue guidance of between $160 million to $165 million for fiscal year 2010, a record for the Company. The update to the Company's revenue estimate is based on the strength it sees from contracts and commitments, primarily from its Solar Division. The Company's 'AmeriSolar' brand of photovoltaic solar modules continues to capture increasing market share globally and is building momentum and gaining recognition.