Science & Technology
Science and Technology
Science and Technology
Tue, January 13, 2009 Solar Energy Initiatives Announces Financial Guidance
PONTE VEDRA BEACH, Fla.--([ BUSINESS WIRE ])--Solar Energy Initiatives, Inc. (OTCBB:SNRY), a provider of solar solutions for homeowners and commercial customers, today announced that it expects to increase sequential revenues by 100% for the quarter ending January 31, 2009 compared to the previous quarter ending October 31, 2008. Additionally, the Company is anticipating its revenue run rate to be at $6 million by the end of the fiscal year ending July 31, 2009 and $21 million by the 2010 fiscal year-end. Solar Energy Initiatives has positioned itself for continued quarterly sequential growth by developing its niche dominance as a large volume distributor of various product needs for solar companies, offering a full service solution to the industry.
Greg Bakeman, COO and CFO stated, "We are extremely pleased to announce that our revenues are outpacing our initial plan, and management anticipates that this trend will continue as we execute on our growth strategy in one of the fastest growing industries today. Solar Energy Initiatives is the first publicly traded company to provide the solar industry with a ‘one stop shop', thereby offering this growing sector a single strong partner with various products at competitive prices. This growth trend confirms our expectations to be at an annual run rate of $21 million by July 2010."
While Solar Energy Initiatives does not compete directly with industry giants such as First Solar (NASDAQ:[ FSLR ]), Kyocera (NYSE:[ KYO ]), Sanyo (OTC:[ SANYY ]) or Suntech (NYSE:[ STP ]), it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power. Solar power requires a capital investment upfront which continues to pay dividends long after that capital cost is recovered.
Solar Energy Initiatives' transition year includes a number of business milestones:
- Successfully moved from development stage company to fully operational solar enterprise in one of the fastest growing industries worldwide;
- SNRY expects a annual sales run rate of $6 million for fiscal year-end July 31, 2009;
- Management expects to reach an annual rate of $21 million by the end of fiscal year 2010;
- SNRY will utilize the equipment of BP Solar, a division of British Petroleum (NYSE:[ BP ]), and GE Solar, a division of General Electric (NYSE:[ GE ]), and leading off-shore Asian suppliers as it accelerates it integration strategy, the next growth segment of the Solar Industry;
- In early 2008, we entered into an arrangement with an Asian Photovoltaic Solar Panel manufacturer to exclusively represent their products in North America;
- On August 20, 2008, we acquired the solarenergy.com domain name, the most visited solar website currently receiving over 350,000 "hits" per month, as well as its business name Solar Energy, Inc.;
- We have added 7 dealers to the affiliation of independent solar product sales organizations, increasing the network total to over 50, one of the nation's largest, and are launching a cooperative buying effort to leverage our size with manufacturers;
- We are now generating revenues from the sale of solar products to our network of 50+ dealers as well as income generated from the addition of new dealers and Solar University training;
- The number and quality of commercial and solar park projects continues to grow, with total capacity for all projects reaching 50 Megawatts;
- The 8-year extension of the Federal Investment Tax Credit and the anticipated drop in the cost of solar electric generation bodes well for the Solar Industry;
- On July 15, 2008 our stock was approved for public trading; and, August 22, 2008, we changed our name to Solar Energy Initiatives, Inc. and our stock trading symbol became SNRY.
About Solar Energy Initiatives
Solar Energy Initiatives, Inc. ([ www.SolarEnergy.com ]) is dedicated to reducing the world's dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, while building a profitable company. We are executing on a three pronged approach to achieve our plan. This includes: continuing development of the fastest growing dealer network 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.
Matters discussed in this press release contain forward looking statements as defined under the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the Company. Such risks and uncertainties include, but are not limited to: the time frame for production of revenue; product development and commercial introduction; the impact of rapid price and technological change and competition; manufacturing and supply uncertainties; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities & Exchange Commission.
