Science & Technology
Science and Technology
Science and Technology
Tue, February 3, 2009 Solar Energy Initiatives Realigns Management and Board with Key Industry Executives
PONTE VEDRA, Fla.--([ BUSINESS WIRE ])--Solar Energy Initiatives, Inc. (OTCBB:[ SNRY ]), a publicly traded company dedicated to reducing the world's dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies primarily via its website [ www.solarenergy.com ] and its growing dealer network, announced today that it has re-organized the Company's management team, with the promotion of two key executives.
The Board of Directors have appointed Mr. David W. Fann as its new Chief Executive Officer and promoted Mr. Gregory N. Bakeman to the position of President. Mr. Bakeman will continue to serve as the Company's Chief Financial Officer. The new positions took affect immediately. In conjunction with the management changes Mr. Michael J. Dodak resigned from the day-to-day activities of the Company but will remain on the Board of Directors. Mr. Dodak will now focus on securing large solar development projects via his proven background within the renewable energy industry.
Mr. Fann brings over 15 years of experience within the public markets. He has served as a director on the board of Solar Energy Initiatives since June of 2006. Previously, Mr. Fann was President and a Director of Funds3000 and Chief Executive Officer and Director of the Global Axcess Corp, both publicly traded companies. He also served as Chief Executive Officer and Chairman of the Board of TeraGlobal, Inc., a publicly traded NASDAQ company, from September 1998 through September 2000.
Prior to Solar Energy Initiatives, Mr. Bakeman was the Chief Financial Officer of one of the largest U.S. renewable energy attributes companies and before that McKenzie Bay International, Ltd., a public company, with international divisions, where he led the development of two renewable energy systems, through prototype testing. Mr. Bakeman is a graduate of Michigan State University and has an MBA, with high honors, from the Seidman College of Business - Grand Valley State University.
"Based on their extensive industry experienced David and Greg are ideal choices to serve as the leaders of Solar Energy," stated Bradley C. Holt, Chairman of the Board. "They possess the perfect combination of industry knowledge and capital market experience that is needed to create significant value for our shareholders. The Company is now poised to continue its rapid growth as we add to our expanding dealer network and increase our market share."
Based on the strategic alliance with the members of Solar Energy's dealer network the Company has equipment distribution agreements in place with BP Solar and GE Solar. This allows Solar Energy Initiatives to be competitive from a pricing standpoint with larger solar companies. While Solar Energy 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.
Full details relating to management are available in Solar Energy Initiatives' latest 8K filing.
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 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.
Company information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrants its completeness or accuracy, and it should not be relied on as such. This material is not intended as an offer or solicitation for the purchase or sale of any securities or other financial instrument.
