(Source: Business Wire)
Solar Energy Initiatives, Inc. (OTCBB:SNRY), executing on a grass roots campaign, "RENEW THE NATION", to help redeploy a portion of the U.S. work force and focus on reducing the world's dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced that the Company expects to report revenues of $2.6 million for the fourth quarter 2009 and recognize positive cash flow from operations.
"Management is extremely pleased with the business momentum that the Company has achieved," stated David Fann, Chief Executive Officer of Solar Energy Initiatives. "Solar Energy Initiatives has successfully increased revenue, achieved cash flow positive status, and established a strong organic revenue foundation for which new contracts will be leveraged. We believe that we will continue to see sustained growth throughout our 2010 fiscal year."
Operational Highlights
Solar Energy Initiatives, Inc. signed a contract securing land for the design, construction and operation of a 300 Megawatt solar park in west Texas. Solar Energy Initiatives will sell the solar panels and balance of system to the LLC, generating as much as $750 million in revenue over a 6 year time period. During the first year of development, the project will potentially generate over $100 million in sales. The revenue approximation is solely based on the sale of the solar panels and does not account for the sale of generated electricity.
The Company also announced that it has secured federal stimulus funding to train displaced workers as solar energy installation and maintenance technicians. The funding is being provided by the American Recovery and Reinvestment Act of 2009, which was signed into law February 2009, by President Obama. Solar Energy Initiatives is currently in discussions regarding three additional grants.
Thirdly, Solar Energy Initiatives formed the Green Energy Alliance, a strategic affiliation with RS&H, one of the nation's leading facilities and infrastructure consulting/engineering firms, and K-Power Inc., a provider of full service solar energy solutions to commercial and industrial users. The Green Energy Alliance will combine member areas of expertise providing turn-key solar solutions including project financing to commercial and solar park projects located in North America and the Caribbean.
Mr. Fann continued, "Solar Energy Initiatives is thrilled with the recent milestones that we have achieved, especially in our first year of operation. The Company's recent accomplishments have allowed us to establish our reputation as a legitimate market leader within the rapidly growing solar energy sector. The Company is currently targeting additional municipal contracts, larger solar park projects and expanding our core dealer network. Management believes that these endeavors will lead to increased earnings and improved shareholder value."
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (www.SolarEnergy.com) is executing its "RENEW THE NATION" campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a three-pronged approach to achieve our plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.
The Company's dealer network of solar energy installers has access to Suntech Power Holdings Co., Ltd. (NYSE:STP), BP Solar (NYSE:BP) and GE Solar (NYSE:GE) equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar (NASDAQ:FSLR), Kyocera (NYSE:KYO) or Sanyo (OTC:SANYY), as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.
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