(OTC: SOEN) Gets Intermediate Target Price Of $4.37 From Market Advisors

(CybeRelease, May 31, 2006) - Lake Harmony, PA - Solar EnerTech Corp. (OTC BB: SOEN) (the "Company") announces that Management has been advised that significant progress has been made towards the rapid start-up of its new state-of-the-art solar cell manufacturing plant located in Shanghai.

Solar EnerTech is confident that given its existing sales and marketing infrastructure in America, combined with a growing network in Asia, that it is uniquely positioned to benefit from the extraordinary combination of historic and steadily increasing traditional energy costs, combined with a rapidly growing global demand for high quality photovoltaic solar cells.

ABOUT THE COMPANY

Solar EnerTech is a wholly owned Photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000 square foot manufacturing and research facility in Shanghai’s Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells -- and put the results of that research to use right away in the company’s manufacturing processes. Led by one of the industry’s top scientists, the company’s R&D program will work towards bringing Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in the Silicon Valley region of Southern California.

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