NEWARK, Calif., Aug. 23 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its second quarter ended June 30, 2010.
Net loss for the second quarter of 2010 was $12.2 million or $2.97 per share, compared with a net loss of $6.7 million or $1.79 per share in the second quarter of 2009. The net loss for the second quarter of 2010 reflects non-cash restructuring charges of $7.8 million, including $3.5 million in impairment charges on leasehold improvements at the Company's Newark, California facility upon termination of the lease, as well as $4.3 million in impairment charges recorded on certain equipment during the quarter. The loss for the second quarter of 2010 also includes share-based compensation of $1.5 million. Overall, cash expenses were reduced significantly during the second quarter of 2010 as compared with 2009 with the implementation of cost savings measures including a reduction in workforce in order to preserve cash while focusing our resources on the development of our core CIGS technology and fundraising efforts to secure strategic partners and commercialize our product.
The per share losses were calculated on the weighted average common shares outstanding of 4.1 and 3.7 million for the second quarter ended June 30, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended June 30, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented on May 11, 2010. DayStar's common stock began trading on the NASDAQ Capital Market on a split adjusted basis on May 12, 2010.
The balance sheet as of June 30, 2010, and the statement of operations for the three months and six months ended June 30, 2010, is attached as exhibits to this press release.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding our business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Such forward–looking statements include statements regarding our cost savings measures and prospective fundraising efforts. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties include our ability to raise substantial additional capital in the short term, our ability to achieve favorable outcomes in pending litigation, our ability to continue our business as a going concern, our ability to execute our commercialization plan and such other risks and uncertainties detailed in our annual report on Form 10-K for the year ended December 31, 2009, our quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Tuesday, August 24, 2010
Monday, August 23, 2010
Solar Technology is Improving
In a report at the 240th National Meeting of the American Chemical Society (ACS), they described how a self-cleaning coating on the surface of solar cells could increase the efficiency of producing electricity from sunlight and reduce maintenance costs for large-scale solar installations.
"We think our self-cleaning panels used in areas of high dust and particulate pollutant concentrations will highly benefit the systems' solar energy output," study leader Malay K. Mazumder, Ph.D. said. "Our technology can be used in both small- and large-scale photovoltaic systems. To our knowledge, this is the only technology for automatic dust cleaning that doesn't require water or mechanical movement."
Mazumder, who is with Boston University, said the need for that technology is growing with the popularity of solar energy. Use of solar, or photovoltaic, panels increased by 50 percent from 2003 to 2008, and forecasts suggest a growth rate of at least 25 percent annually into the future. Fostering the growth, he said, is emphasis on alternative energy sources and society-wide concerns about sustainability (using resources today in ways that do not jeopardize the ability of future generations to meet their needs).
Large-scale solar installations already exist in the United States, Spain, Germany, the Middle East, Australia, and India. These installations usually are located in sun-drenched desert areas where dry weather and winds sweep dust into the air and deposit it onto the surface of solar panel. Just like grime on a household window, that dust reduces the amount of light that can enter the business part of the solar panel, decreasing the amount of electricity produced. Clean water tends to be scarce in these areas, making it expensive to clean the solar panels.
"A dust layer of one-seventh of an ounce per square yard decreases solar power conversion by 40 percent," Mazumder explains. "In Arizona, dust is deposited each month at about 4 times that amount. Deposition rates are even higher in the Middle East, Australia, and India."
Working with NASA, Mazumder and colleagues initially developed the self-cleaning solar panel technology for use in lunar and Mars missions. "Mars of course is a dusty and dry environment," Mazumder said, "and solar panels powering rovers and future manned and robotic missions must not succumb to dust deposition. But neither should the solar panels here on Earth."
The self-cleaning technology involves deposition of a transparent, electrically sensitive material deposited on glass or a transparent plastic sheet covering the panels. Sensors monitor dust levels on the surface of the panel and energize the material when dust concentration reaches a critical level. The electric charge sends a dust-repelling wave cascading over the surface of the material, lifting away the dust and transporting it off of the screen's edges.
Mazumder said that within two minutes, the process removes about 90 percent of the dust deposited on a solar panel and requires only a small amount of the electricity generated by the panel for cleaning operations.
The current market size for solar panels is about $24 billion, Mazumder said. "Less than 0.04 percent of global energy production is derived from solar panels, but if only four percent of the world's deserts were dedicated to solar power harvesting, our energy needs could be completely met worldwide. This self-cleaning technology can play an important role."
"We think our self-cleaning panels used in areas of high dust and particulate pollutant concentrations will highly benefit the systems' solar energy output," study leader Malay K. Mazumder, Ph.D. said. "Our technology can be used in both small- and large-scale photovoltaic systems. To our knowledge, this is the only technology for automatic dust cleaning that doesn't require water or mechanical movement."
Mazumder, who is with Boston University, said the need for that technology is growing with the popularity of solar energy. Use of solar, or photovoltaic, panels increased by 50 percent from 2003 to 2008, and forecasts suggest a growth rate of at least 25 percent annually into the future. Fostering the growth, he said, is emphasis on alternative energy sources and society-wide concerns about sustainability (using resources today in ways that do not jeopardize the ability of future generations to meet their needs).
Large-scale solar installations already exist in the United States, Spain, Germany, the Middle East, Australia, and India. These installations usually are located in sun-drenched desert areas where dry weather and winds sweep dust into the air and deposit it onto the surface of solar panel. Just like grime on a household window, that dust reduces the amount of light that can enter the business part of the solar panel, decreasing the amount of electricity produced. Clean water tends to be scarce in these areas, making it expensive to clean the solar panels.
"A dust layer of one-seventh of an ounce per square yard decreases solar power conversion by 40 percent," Mazumder explains. "In Arizona, dust is deposited each month at about 4 times that amount. Deposition rates are even higher in the Middle East, Australia, and India."
Working with NASA, Mazumder and colleagues initially developed the self-cleaning solar panel technology for use in lunar and Mars missions. "Mars of course is a dusty and dry environment," Mazumder said, "and solar panels powering rovers and future manned and robotic missions must not succumb to dust deposition. But neither should the solar panels here on Earth."
The self-cleaning technology involves deposition of a transparent, electrically sensitive material deposited on glass or a transparent plastic sheet covering the panels. Sensors monitor dust levels on the surface of the panel and energize the material when dust concentration reaches a critical level. The electric charge sends a dust-repelling wave cascading over the surface of the material, lifting away the dust and transporting it off of the screen's edges.
Mazumder said that within two minutes, the process removes about 90 percent of the dust deposited on a solar panel and requires only a small amount of the electricity generated by the panel for cleaning operations.
The current market size for solar panels is about $24 billion, Mazumder said. "Less than 0.04 percent of global energy production is derived from solar panels, but if only four percent of the world's deserts were dedicated to solar power harvesting, our energy needs could be completely met worldwide. This self-cleaning technology can play an important role."
Saturday, August 21, 2010
Chinese Solar Making Money
Gross Margin Reached Historical High of 33.5%
13.7% and 5.6% Increase in GAAP and Non-GAAP Diluted EPS Quarter over Quarter
Company Reaffirmed Shipment Guidance and Raised Gross Margin Guidance for Full Year 2010
BAODING, China, Aug. 19 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its unaudited consolidated financial results for the quarter ended June 30, 2010.
Second Quarter 2010 Consolidated Financial Highlights
-- Total net revenues were RMB 2,699.6 million (US$398.1 million).
-- Gross profit was RMB 905.1 million (US$133.5 million), representing a
gross margin of 33.5%.
-- Operating income was RMB 565.4 million (US$83.4 million), representing
an operating margin of 20.9%.
-- Net income(1) was RMB 217.8 million (US$32.1 million) and diluted
earnings per ordinary share and per American depositary share ("ADS")
was RMB 1.41 (US$0.21).
-- On an adjusted non-GAAP(2) basis, net income was RMB 261.0 million
(US$38.5 million) and diluted earnings per ordinary share and per ADS
was RMB 1.69 (US$0.25).
"The past few months have been very exciting for us in many ways," said Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "In the second quarter of 2010, we achieved a mid teen percent sequential increase in PV module shipment volume and realized a record high gross margin of 33.5%."
"In addition to delivering solid operational results, the Company also reached important milestones on many other fronts. In terms of marketing, our 2010 FIFA World Cup sponsorship has made a huge splash. As the market for distributed electricity generation is expanding in many major solar markets, the power to influence and decide the solar industry's future is rapidly vesting to the general public. We believe our groundbreaking 2010 FIFA World Cup sponsorship project, accompanied by a series of marketing initiatives, has effectively boosted our brand recognition both within and outside of the conventional solar community, which is expected to greatly enhance our competitive advantages in this new era. Furthermore, supported by our reliable products and services, we expect to enjoy a pricing premium and receive stronger demand as a result of our ever-increasing brand equity."
Mr. Miao continued, "On the research and technology front, we have commenced initial production of 300 MW PANDA high efficiency solar cells in July 2010, merely thirteen months from conceptualizing the project. In parallel, we have successfully enhanced PANDA cell conversion efficiency rate to 19% on the pilot line, and have kicked off collaboration with Innovalight to boost the average efficiency of our multicrystalline silicon based solar cells. All these efforts demonstrate our aspiration to technological advancement and our commitment to bringing the benefits of cutting-edge technologies to our valued customers."
"I'm also excited to report another significant operating milestone. Fine Silicon, our polysilicon manufacturing facility with a designed annual production capacity of 3,000 metric tons, has successfully commenced commercial operation since earlier this month. We expect this achievement to further strengthen our leadership as one of the world's largest vertically integrated PV manufacturers."
"Last but not least, we are encouraged by our accomplishments in markets around the globe. In Europe, we are fully stretched to satisfy our existing customer base and to continue to attract new customers in high growth emerging markets such as France, Italy, Czech Republic, Greece and the United Kingdom. In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have become the leading supplier of PV modules in New Jersey and California. We have also been making progress in the rooftop and ground mounted segments and were recently selected for a number of high profile projects on both the West and the East Coasts. In China, we are enhancing our strategic cooperative relationships with utility companies in various concession bidding projects in order to further expand our footprints."
"For all the reasons stated above, we are confident in our prospects for a strong second half of the year," Mr. Miao concluded.
Second Quarter 2010 Financial Results
Total Net Revenues
Total net revenues were RMB 2,699.6 million (US$398.1 million) in the second quarter of 2010, an increase of 10.2% from RMB 2,449.9 million in the first quarter of 2010 and 80.1% from RMB1,498.9 million in the second quarter of 2009. The increase in total net revenues was primarily due to the mid teen growth rate in PV module shipment volume quarter over quarter, partially offset by the depreciation of the euro against the Renminbi.
Gross Profit and Gross Margin(3)
Gross profit in the second quarter of 2010 was RMB 905.1 million (US$133.5 million), an increase of 11.0% from RMB 815.4 million in the first quarter of 2010 and 205.4% from RMB 296.3 million in the second quarter of 2009. Gross margin was 33.5% in the second quarter of 2010, compared to 33.3% in the first quarter of 2010 and 19.8% in the second quarter of 2009. The increase in gross margin was primarily due to the better than expected average selling price and continuous decline in the blended cost of polysilicon, decreasing polysilicon usage per watt and continuous reduction in non-polysilicon cost.
Operating Expenses(3)
Operating expenses in the second quarter of 2010 were RMB 339.7 million (US$50.1 million), compared to RMB 279.5 million in the first quarter of 2010 and RMB 189.5 million in the second quarter of 2009. The increase in operating expenses this quarter was primarily attributable to higher selling expenses relating to the 2010 FIFA World Cup sponsorship, as well as increasing research and development expenses in connection with the progress of a series of research and development initiatives, including second generation PANDA cells and collaboration with Innovalight. Operating expenses as a percentage of total net revenues were 12.6% in the second quarter of 2010, compared to 11.4% in the first quarter of 2010 and 12.6% in the second quarter of 2009.
Operating Income and Margin
Operating income in the second quarter of 2010 was RMB 565.4 million (US$83.4 million), compared to RMB 535.9 million in the first quarter of 2010 and RMB 106.8 million in the second quarter of 2009.
Operating margin was 20.9% in the second quarter of 2010, compared to 21.9% in the first quarter of 2010 and 7.1% in the second quarter of 2009.
Interest Expense
Interest expense was RMB 73.0 million (US$10.8 million) in the second quarter of 2010, compared to RMB 91.2 million in the first quarter of 2010 and RMB 115.9 million in the second quarter of 2009. The decrease in interest expense was primarily attributable to the Company's efforts to control funding costs and increased capitalization rate of such interest expense.
After excluding non-cash interest expense items, interest expense was RMB 57.7 million (US$8.5 million) in the second quarter of 2010, compared to RMB 63.4 million in the first quarter of 2010 and RMB 79.1 million in the second quarter of 2009. Excluding non-cash interest expenses, the weighted average interest rate for debt outstanding in the second quarter of 2010 was 6.7%, an increase from 6.43% in the first quarter of 2010.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB 158.6 million (US$23.4 million) in the second quarter of 2010, compared to a foreign currency exchange loss of RMB 169.1 million in the first quarter of 2010 and a foreign currency exchange gain of RMB 108.7 million in the second quarter of 2009. The foreign currency exchange loss in this quarter was primarily due to the depreciation of the euro against the Renminbi, partially offset by the Company's hedging program.
Income Tax Expense
Income tax expense was RMB 65.9 million (US$9.7 million) in the second quarter of 2010, compared to RMB 39.5 million in the first quarter of 2010 and RMB 16.0 million in the second quarter of 2009. The increase in income tax expense was primarily due to the net operating income generated by Tianwei Yingli and Yingli Energy (China) Company Limited this quarter.
Net Income (Loss)
Net income was RMB 217.8 million (US$32.1 million) in the second quarter of 2010, compared to a net income of RMB 190.9 million in the first quarter of 2010 and a net loss of RMB 393.7 million in the second quarter of 2009. Diluted earnings per ordinary share and per ADS was RMB 1.41 (US$0.21) in the second quarter of 2010, compared to diluted earnings per ordinary share and per ADS of RMB 1.24 in the first quarter of 2010 and diluted loss per ordinary share and per ADS of RMB 3.03 in the second quarter of 2009.
On an adjusted non-GAAP basis, net income was RMB 261.0 million (US$38.5 million) in the second quarter of 2010, compared to a net income of RMB 246.8 million in the first quarter of 2010 and a net income of RMB 119.8 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 1.69 (US$0.25) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS of RMB 1.60 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS of RMB 0.91 in the second quarter of 2009.
Also on an adjusted non-GAAP basis, further excluding the foreign currency exchange loss (gain), net income was RMB 419.6 million (US$61.9 million) in the second quarter of 2010, compared to a net income of RMB 415.9 million in the first quarter of 2010 and a net income of RMB 11.1 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss were RMB 2.72 (US$0.40) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss of RMB 2.70 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange gain of RMB 0.09 in the second quarter of 2009.
Balance Sheet Analysis
As of June 30, 2010, Yingli Green Energy had RMB 4,079.4 million (US$601.5 million) in cash, restricted cash and long-term restricted cash, compared to RMB 4,355.6 million as of March 31, 2010. Working capital (current assets less current liabilities) was RMB 610.0 million (US$89.9 million) as of June 30, 2010, compared to RMB 661.2 million as of March 31, 2010.
As of the date of this press release, the Company had approximately RMB 12,326 million in authorized lines of credit, of which RMB 5,426 million had not been utilized.
Business Outlook for Full Year 2010
Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reaffirms its PV module shipment target to be in the estimated range of 950 MW to 1 GW for fiscal year 2010, which represents an increase of 80.8% to 90.4% compared to fiscal year 2009.
In addition, based on the strong gross margin performance in the first half of 2010, the estimated ramp up cost of Fine Silicon, the 400 MW new capacities put into initial operation in July 2010, the expected average selling price of PV modules and forecasted exchange rates of the euro and U.S. dollar against the Renminbi, the Company raises its gross margin target to the estimated range of 28% to 30% from the previous estimated range of 27% to 29% for fiscal year 2010.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted net income (loss) and adjusted diluted earnings (loss) per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation, the non-cash interest expense, the non-cash loss due to the changes in the fair value of the embedded derivative liability, loss on debt extinguishment, and the amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Tianwei Yingli. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such items are not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non- GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.
13.7% and 5.6% Increase in GAAP and Non-GAAP Diluted EPS Quarter over Quarter
Company Reaffirmed Shipment Guidance and Raised Gross Margin Guidance for Full Year 2010
BAODING, China, Aug. 19 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its unaudited consolidated financial results for the quarter ended June 30, 2010.
Second Quarter 2010 Consolidated Financial Highlights
-- Total net revenues were RMB 2,699.6 million (US$398.1 million).
-- Gross profit was RMB 905.1 million (US$133.5 million), representing a
gross margin of 33.5%.
-- Operating income was RMB 565.4 million (US$83.4 million), representing
an operating margin of 20.9%.
-- Net income(1) was RMB 217.8 million (US$32.1 million) and diluted
earnings per ordinary share and per American depositary share ("ADS")
was RMB 1.41 (US$0.21).
-- On an adjusted non-GAAP(2) basis, net income was RMB 261.0 million
(US$38.5 million) and diluted earnings per ordinary share and per ADS
was RMB 1.69 (US$0.25).
"The past few months have been very exciting for us in many ways," said Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "In the second quarter of 2010, we achieved a mid teen percent sequential increase in PV module shipment volume and realized a record high gross margin of 33.5%."
"In addition to delivering solid operational results, the Company also reached important milestones on many other fronts. In terms of marketing, our 2010 FIFA World Cup sponsorship has made a huge splash. As the market for distributed electricity generation is expanding in many major solar markets, the power to influence and decide the solar industry's future is rapidly vesting to the general public. We believe our groundbreaking 2010 FIFA World Cup sponsorship project, accompanied by a series of marketing initiatives, has effectively boosted our brand recognition both within and outside of the conventional solar community, which is expected to greatly enhance our competitive advantages in this new era. Furthermore, supported by our reliable products and services, we expect to enjoy a pricing premium and receive stronger demand as a result of our ever-increasing brand equity."
Mr. Miao continued, "On the research and technology front, we have commenced initial production of 300 MW PANDA high efficiency solar cells in July 2010, merely thirteen months from conceptualizing the project. In parallel, we have successfully enhanced PANDA cell conversion efficiency rate to 19% on the pilot line, and have kicked off collaboration with Innovalight to boost the average efficiency of our multicrystalline silicon based solar cells. All these efforts demonstrate our aspiration to technological advancement and our commitment to bringing the benefits of cutting-edge technologies to our valued customers."
"I'm also excited to report another significant operating milestone. Fine Silicon, our polysilicon manufacturing facility with a designed annual production capacity of 3,000 metric tons, has successfully commenced commercial operation since earlier this month. We expect this achievement to further strengthen our leadership as one of the world's largest vertically integrated PV manufacturers."
"Last but not least, we are encouraged by our accomplishments in markets around the globe. In Europe, we are fully stretched to satisfy our existing customer base and to continue to attract new customers in high growth emerging markets such as France, Italy, Czech Republic, Greece and the United Kingdom. In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have become the leading supplier of PV modules in New Jersey and California. We have also been making progress in the rooftop and ground mounted segments and were recently selected for a number of high profile projects on both the West and the East Coasts. In China, we are enhancing our strategic cooperative relationships with utility companies in various concession bidding projects in order to further expand our footprints."
"For all the reasons stated above, we are confident in our prospects for a strong second half of the year," Mr. Miao concluded.
Second Quarter 2010 Financial Results
Total Net Revenues
Total net revenues were RMB 2,699.6 million (US$398.1 million) in the second quarter of 2010, an increase of 10.2% from RMB 2,449.9 million in the first quarter of 2010 and 80.1% from RMB1,498.9 million in the second quarter of 2009. The increase in total net revenues was primarily due to the mid teen growth rate in PV module shipment volume quarter over quarter, partially offset by the depreciation of the euro against the Renminbi.
Gross Profit and Gross Margin(3)
Gross profit in the second quarter of 2010 was RMB 905.1 million (US$133.5 million), an increase of 11.0% from RMB 815.4 million in the first quarter of 2010 and 205.4% from RMB 296.3 million in the second quarter of 2009. Gross margin was 33.5% in the second quarter of 2010, compared to 33.3% in the first quarter of 2010 and 19.8% in the second quarter of 2009. The increase in gross margin was primarily due to the better than expected average selling price and continuous decline in the blended cost of polysilicon, decreasing polysilicon usage per watt and continuous reduction in non-polysilicon cost.
Operating Expenses(3)
Operating expenses in the second quarter of 2010 were RMB 339.7 million (US$50.1 million), compared to RMB 279.5 million in the first quarter of 2010 and RMB 189.5 million in the second quarter of 2009. The increase in operating expenses this quarter was primarily attributable to higher selling expenses relating to the 2010 FIFA World Cup sponsorship, as well as increasing research and development expenses in connection with the progress of a series of research and development initiatives, including second generation PANDA cells and collaboration with Innovalight. Operating expenses as a percentage of total net revenues were 12.6% in the second quarter of 2010, compared to 11.4% in the first quarter of 2010 and 12.6% in the second quarter of 2009.
Operating Income and Margin
Operating income in the second quarter of 2010 was RMB 565.4 million (US$83.4 million), compared to RMB 535.9 million in the first quarter of 2010 and RMB 106.8 million in the second quarter of 2009.
Operating margin was 20.9% in the second quarter of 2010, compared to 21.9% in the first quarter of 2010 and 7.1% in the second quarter of 2009.
Interest Expense
Interest expense was RMB 73.0 million (US$10.8 million) in the second quarter of 2010, compared to RMB 91.2 million in the first quarter of 2010 and RMB 115.9 million in the second quarter of 2009. The decrease in interest expense was primarily attributable to the Company's efforts to control funding costs and increased capitalization rate of such interest expense.
After excluding non-cash interest expense items, interest expense was RMB 57.7 million (US$8.5 million) in the second quarter of 2010, compared to RMB 63.4 million in the first quarter of 2010 and RMB 79.1 million in the second quarter of 2009. Excluding non-cash interest expenses, the weighted average interest rate for debt outstanding in the second quarter of 2010 was 6.7%, an increase from 6.43% in the first quarter of 2010.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB 158.6 million (US$23.4 million) in the second quarter of 2010, compared to a foreign currency exchange loss of RMB 169.1 million in the first quarter of 2010 and a foreign currency exchange gain of RMB 108.7 million in the second quarter of 2009. The foreign currency exchange loss in this quarter was primarily due to the depreciation of the euro against the Renminbi, partially offset by the Company's hedging program.
Income Tax Expense
Income tax expense was RMB 65.9 million (US$9.7 million) in the second quarter of 2010, compared to RMB 39.5 million in the first quarter of 2010 and RMB 16.0 million in the second quarter of 2009. The increase in income tax expense was primarily due to the net operating income generated by Tianwei Yingli and Yingli Energy (China) Company Limited this quarter.
Net Income (Loss)
Net income was RMB 217.8 million (US$32.1 million) in the second quarter of 2010, compared to a net income of RMB 190.9 million in the first quarter of 2010 and a net loss of RMB 393.7 million in the second quarter of 2009. Diluted earnings per ordinary share and per ADS was RMB 1.41 (US$0.21) in the second quarter of 2010, compared to diluted earnings per ordinary share and per ADS of RMB 1.24 in the first quarter of 2010 and diluted loss per ordinary share and per ADS of RMB 3.03 in the second quarter of 2009.
On an adjusted non-GAAP basis, net income was RMB 261.0 million (US$38.5 million) in the second quarter of 2010, compared to a net income of RMB 246.8 million in the first quarter of 2010 and a net income of RMB 119.8 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 1.69 (US$0.25) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS of RMB 1.60 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS of RMB 0.91 in the second quarter of 2009.
Also on an adjusted non-GAAP basis, further excluding the foreign currency exchange loss (gain), net income was RMB 419.6 million (US$61.9 million) in the second quarter of 2010, compared to a net income of RMB 415.9 million in the first quarter of 2010 and a net income of RMB 11.1 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss were RMB 2.72 (US$0.40) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss of RMB 2.70 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange gain of RMB 0.09 in the second quarter of 2009.
Balance Sheet Analysis
As of June 30, 2010, Yingli Green Energy had RMB 4,079.4 million (US$601.5 million) in cash, restricted cash and long-term restricted cash, compared to RMB 4,355.6 million as of March 31, 2010. Working capital (current assets less current liabilities) was RMB 610.0 million (US$89.9 million) as of June 30, 2010, compared to RMB 661.2 million as of March 31, 2010.
As of the date of this press release, the Company had approximately RMB 12,326 million in authorized lines of credit, of which RMB 5,426 million had not been utilized.
Business Outlook for Full Year 2010
Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reaffirms its PV module shipment target to be in the estimated range of 950 MW to 1 GW for fiscal year 2010, which represents an increase of 80.8% to 90.4% compared to fiscal year 2009.
In addition, based on the strong gross margin performance in the first half of 2010, the estimated ramp up cost of Fine Silicon, the 400 MW new capacities put into initial operation in July 2010, the expected average selling price of PV modules and forecasted exchange rates of the euro and U.S. dollar against the Renminbi, the Company raises its gross margin target to the estimated range of 28% to 30% from the previous estimated range of 27% to 29% for fiscal year 2010.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted net income (loss) and adjusted diluted earnings (loss) per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation, the non-cash interest expense, the non-cash loss due to the changes in the fair value of the embedded derivative liability, loss on debt extinguishment, and the amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Tianwei Yingli. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such items are not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non- GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.
Illinois Commits to Use More Solar Energy
Utilities in Illinois will be required to use more solar power, under new legislation signed into law by Governor Pat Quinn yesterday.
The new laws also confirm the right of homeowners to set up solar panels on their homes, provided certain guidelines are followed.
Governor Quinn said: “Solar energy is the wave of the future, and it is important that our public utilities and homeowners are able to more easily increase their use of solar energy.’
Utilities
House Bill 6202 brings forward state requirements for utilities to supply solar power to their customers by three years.
Commonwealth Edison and Ameren will now have to start buying solar power as part of their state renewable energy portfolio obligations from 2012, rather than 2015.
The requirement starts at 0.5% of their power supplies by June 2012, rising to 1.5% by the following June, 3% by June 2014, then 6% by June 2015.
The state’s renewable energy portfolio requires 25% of electricity supplied by regulated utilities to come from renewable sources by 2025.
Homeowners
The other law signed by Gov Quinn yesterday was House Bill 5429, which essentially prevents homeowners’ associations from preventing homeowners from installing solar panels on their property.
The Homeowners’ Solar Energy Act requires homeowners’ associations to draw up guidelines for solar panels, and does not apply to buildings more than 30 feet high.
Both pieces of legislation will take effect January 2011.
Gov Quinn, who signed the bills at the University of Illinois in Chicago, said: “We must do everything we can to increase our use of solar energy, which will help us protect natural resources and reduce our reliance on traditional energy sources, such as foreign oil.”
The new laws also confirm the right of homeowners to set up solar panels on their homes, provided certain guidelines are followed.
Governor Quinn said: “Solar energy is the wave of the future, and it is important that our public utilities and homeowners are able to more easily increase their use of solar energy.’
Utilities
House Bill 6202 brings forward state requirements for utilities to supply solar power to their customers by three years.
Commonwealth Edison and Ameren will now have to start buying solar power as part of their state renewable energy portfolio obligations from 2012, rather than 2015.
The requirement starts at 0.5% of their power supplies by June 2012, rising to 1.5% by the following June, 3% by June 2014, then 6% by June 2015.
The state’s renewable energy portfolio requires 25% of electricity supplied by regulated utilities to come from renewable sources by 2025.
Homeowners
The other law signed by Gov Quinn yesterday was House Bill 5429, which essentially prevents homeowners’ associations from preventing homeowners from installing solar panels on their property.
The Homeowners’ Solar Energy Act requires homeowners’ associations to draw up guidelines for solar panels, and does not apply to buildings more than 30 feet high.
Both pieces of legislation will take effect January 2011.
Gov Quinn, who signed the bills at the University of Illinois in Chicago, said: “We must do everything we can to increase our use of solar energy, which will help us protect natural resources and reduce our reliance on traditional energy sources, such as foreign oil.”
Friday, August 20, 2010
Solar Stocks Look Promising to Some
THE WOODLANDS, Texas, Aug 19, 2010 (BUSINESS WIRE) -- Evolution Solar (Pink Sheets: EVSO): Barclays raised its outlook for solar stocks broadly Wednesday saying current discounting of stocks are off from their estimate of true demand outlook. Barclays is estimating solar demand for 2011 to be 16 gigawatts, up from the current industry consensus of 13.7 gigawatts. Barclays further stated that their expectations are for the solar industry to grow at a pace of 20% annually.
Barclays stated that they expect "greater supply of low cost solar panels, improving profitability of downstream players, additional cost reduction potential of low cost supply and 'rush' to complete installations ahead of subsidy cuts to drive demand upsides over the next few quarters."
"We are also optimistic regarding solar demand in the coming year," said Robert Hines, President of Evolution Solar. "Our solar demonstration projects are beginning to come to fruition and we are positioning Evolution Solar to benefit from increased future business in the solar energy sector."
Evolution Solar is currently building a solar demonstration site in partnership with Texas Southern University, to be located at the University's Houston Campus. Evolution Solar has recently completed construction on a solar demonstration project in the City of Brookshire, Texas. These projects should help Evolution Solar acquire new business in a sector that is growing to compete in the energy industry, which includes BP (BP 36.06, -0.18, -0.50%) , Duke Energy (DUK 17.04, -0.22, -1.27%) , Penn West Energy (PWE 19.55, +0.00, +0.00%) and Occidental Petroleum (OXY 75.39, -0.23, -0.30%) .
About Evolution Solar Corporation
Evolution Solar Corporation, (EVSO), commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities.
For more information, visit http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
SOURCE: Evolution Solar Corporation
Evolution Solar Corp.
Robert Hines, 281-362-2760
rhines@evolutionsolar.com
Copyright Business Wire 2010
Barclays stated that they expect "greater supply of low cost solar panels, improving profitability of downstream players, additional cost reduction potential of low cost supply and 'rush' to complete installations ahead of subsidy cuts to drive demand upsides over the next few quarters."
"We are also optimistic regarding solar demand in the coming year," said Robert Hines, President of Evolution Solar. "Our solar demonstration projects are beginning to come to fruition and we are positioning Evolution Solar to benefit from increased future business in the solar energy sector."
Evolution Solar is currently building a solar demonstration site in partnership with Texas Southern University, to be located at the University's Houston Campus. Evolution Solar has recently completed construction on a solar demonstration project in the City of Brookshire, Texas. These projects should help Evolution Solar acquire new business in a sector that is growing to compete in the energy industry, which includes BP (BP 36.06, -0.18, -0.50%) , Duke Energy (DUK 17.04, -0.22, -1.27%) , Penn West Energy (PWE 19.55, +0.00, +0.00%) and Occidental Petroleum (OXY 75.39, -0.23, -0.30%) .
About Evolution Solar Corporation
Evolution Solar Corporation, (EVSO), commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities.
For more information, visit http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
SOURCE: Evolution Solar Corporation
Evolution Solar Corp.
Robert Hines, 281-362-2760
rhines@evolutionsolar.com
Copyright Business Wire 2010
Thursday, August 19, 2010
Solar Panels Sold in US Made in China
THE STOCK WIZARDS STOCK WATCH LISTS INCLUDES: (OTCBB: HELI | PowerRating) Heli Electronics Corp. (OTC: MJNA |
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(OTCBB: HELI - Heli Electronics Corp.
CURRENT NEWS!!
Heli Electronics Corp. Releases Second Quarter 2010 Financial Results
GUANGZHOU, China, Aug 17, 2010 -- Heli Electronics Corp. (OTCBB:HELI) today has released its second quarter 2010 financial results. Heli Electronics is a marketing, distribution, and after-sales service company of Audio-Visual (AV) products in Mainland China, and is the primary marketing and distribution agency of Haier electronics in China. The company reported revenue of $24,852,753 for the three months ended June 30, 2010. This is a 226.3% or $17,235,567 increase over its Q2 2009 revenue of $7,617,186. For the six months ended June 30, 2010, Heli reported revenue of $43,693,579, an increase of $29,670,279, or 211.6% over the prior year's first six months.
Heli's net income also saw a significant increase in the most recent quarter. In the three months ended June 30, 2010, Heli's net income was $1,983,512, a 225.7% increase, or $1,374,484 over its second quarter 2009 net income of $609,028. For the six months ended June 30, 2010, Heli reported net income of $3,509,287, an increase of 232.3%, or $2,453,189 over six months ended June 30, 2009, with results of $1,056,098. Additionally, Heli's operating income saw an increase of 226.1% to $2,648,384. For the six months ended June 30, 2010, Heli reported earnings per dilu ted share at $0.02. For the second quarter alone, Heli reported earnings of $0.01 per diluted share.
Mr. Xin Qiu, President and CEO of Heli Electronics Corp., recently stated "It is clear from Heli's second quarter 2010 financial results how far the company has come in such a short period of time. In just two years, our company has grown to become one of the premier marketing and distribution agencies in China, as well as the primary sales, marketing, and logistics agency of China's top brand name in electronics and certainly AV products, Haier Electronics. The confidence that Haier has in Heli Electronics, as well as our shareholder's confidence, will help us continue to grow our business for the remainder of the year and beyond." Other Financial Information Heli's assets have increased from the end of 2009, with total assets of $17,280,343 as at June 30, 2010, an increase of 253.4% over the last six months. As of the end of the second quarter, the company's total liabilities are $11,469,572; $8,372,331 of which is accounts payable. Total liabilities increased 348.3% since December 31, 2009. Total shareholders' equity is $5,810,771, an increase of 152.6% since the end of 2009.
A full copy of the company's quarterly financial filing can be found here: http://www.sec.gov/Archives/edgar/data/1431676/000106299310002612/0001062993-10-002612-index.htm Business Outlook Heli's financial position improved greatly over the past year due to its increased business in the AV industry in Mainland China. Additionally, it has initialized and maintained relationships with China's top two consumer electronics chains GOME and Suning. The company continues to leverage its position in the industry to gain new partnerships and venture into other areas of electronics. It has significantly increased its business with Haier Electronics' AV Division since its inception, and upper management anticipates this business to grow significantly, well into 2011. Management also believes the company's strengths will help it expand market share within the electronics industry and eventually capitalize on opportunities in new markets, which they expect will in turn result in greater financial success for the company and its shareholders.
About Heli Electronics Corp.
Heli Electronics Corp. (www.helielectronics.com) is traded under the symbol HELI on the OTCBB exchange and is based in Guangzhou, China. It is the primary marketing, promotion, logistics, and after-sales service agency of audio and visual (AV) products for Haier Group, a world leader in electronics and electrical appliances. Its products include speakers, multimedia stereo systems, and home theatres, among other types of AV products. The company seeks to establish a broad network in China to provide comprehensive after-sales service, brand establishment, brand promotion, distribution, and logistics management of a wide array of electronics and electrical appliances. Backed by Haier's strong brand presence and an abundance of sales channels throughout Mainland China, HELI has grown immensely since its inception in March 2008.
Technical Outlook:
HELI Traders and Investors are watching the .10 area as a major resistance level in the few weeks. HELI is currently up 19.12% on heavy volume of 39.9 million shares in the morning session.
(OTC: MJNA- Medical Marijuana, Inc.)
Current News!!
Medical Marijuana Inc Agent Base Continues to Expand With 12 Days Until Launch of "The Hemp Network," the World's First Hemp Product Related Network Marketing Company
FOOTHILL RANCH, CA, Aug 16, 2010 -- Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce progress as they move toward the launch date of August 28. President Don Steinberg, states, "With the help of many very talented people, we have put together a world class team of web designers, branding experts, and network marketers with a reputation for putting tens of thousands of new agents into a network. Many people looking for an opportunity to participate in this new business are signing up at a faster rate than ever as we approach the open. My background is in developing mass marketing teams on a global basis. I have done it before and I believe The Hemp Network has the makings to be another large global network marketing company." Bruce Perlowin, CEO, stated, "The opportunity to be involved in the first hemp network marketing company in history in which an existing culture of numerous movements already exist who are passionate about hemp is irresistible. Hemp enthusiast include the medical marijuana movement, the marijuana legalization movement, the hemp movement itself, the health, wellness and anti-aging movement, the environmental movement and the green movement. These existing cultural creative movements all herald the wonders of hemp in their various areas and are all natural and highly motivated individuals ripe to participate in The Hemp Network." ABOUT MEDICAL MARIJUANA INC Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
ABOUT THE HEMP NETWORK The Hemp Network was established to provide hemp and wellness related products to a wide marketplace with the use of network marketing to create massive distribution.
President Don Steinberg and CEO Bruce Perlowin have in the past created one of the world's largest network marketing companies in the telecommunications industry. They bring that experience plus Dianna Kaplan heading up the products division with a team of advisors and associates that include immunologists, formulators, Doctors, PhDs, marketing teams, software engineers and more.
ABOUT HEMP Hemp seeds have all nine of the essential amino acids making it among the most complete whole foods available.
"Why use up the forests which were centuries in the making and the mines which required ages to lay down, if we can get the equivalent of forest and mineral products in the annual growth of the hemp fields?" - Henry Ford "Hemp is of first necessity to the wealth & protection of the country." - Thomas Jefferson, U.S. President To learn more about The Hemp Network and to participate in daily conference calls which discuss the pay plan, products, upcoming events and exchange of ideas, call 218-339-3600 PIN: 321677, or listen to the recorded calls 24/7 at: 951-262-3496.
MEDICAL MARIJUANA INDUSTRY SOLUTIONS Medical Marijuana Inc has developed a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry which provides the tools to industry operators to effectively manage their business with the confidence that they are in full compliance.
(OTC: KHGT - Kalahari Greentech, Inc. )
Current News !!
Kalahari Greentech, Inc. Projects Eighteen Million in First Year Sales for the Solar-Thermal Tri-Brid Generator
BALTIMORE, Aug 16, 2010 -- Kalahari Greentech, Inc. (Pink Sheets:KHGT) released a statement today detailing costs and revenues for its patented Solar Thermal "Tri-Brid" generator.
Based on the outlook for 2011 wind power growth forecasts, the wind generator could be useful for as many as 2 million homes (http://www.wwindea.org/ ).
With government incentives of up to $3 per Watt, analysts expect over 2,000MW in new solar capacity will be installed as early as 2011, up from just over 100MW in 2008 (Source: http://www.reuters.com, http://www.solarbuzz.com/).
At a selling price of $6,000 per "Tri-Brid" system unit, the current market potential for 2 million homes is $12 Billion. Assuming manufacturing begins in early 2012 Kalahari should be able to place approximately 3,000 units in the field by December 2012. As a result the expected sales for fiscal 2012 are $18,000,000 (eighteen million dollars). The unit cost for a medium scale production run will be $1,200, producing approximately $14,400,000 of gross revenue.
Designed to be an ideal solution for rural homes and farms, where power infrastructure is limited or impractical to install, The "Tri-Brid" is designed around the goal of providing continuous, usable power without necessary grid power during non-peak times.
This target has driven up the cost of traditional photo-voltaic materials commonly used for solar power generation. By utilizing government incentives and generating power at the site where it is consumed "Tri-Brid" will be independent of the national grid. The Tri-Brid does not use photovoltaic panels. Each self-contained unit is estimated to generate 2.5kW 24 hours per day during most of the year, with peak daytime output being much higher. The incentive translates to $7,500 for first time users.
The Tri-Brid system, when coupled with a water tank, will also be able to generate hot water more efficiently than any photovoltaic/electric systems that are currently on the market. The water can also be used to store excess energy during the day, and can be used for peak power anytime, without the need for a large electrical battery system. Since it utilizes all wavelengths of light, it will still produce power on cloudy days.
The trend toward renewable sources of energy is growing. "Renewables accounted for 60 per cent of newly installed capacity in Europe and more than 50 per cent in the USA in 2009" (Source: http://www.globe-net.com).
Internationally, China is expected to raise its 2020 solar power generation target to at least 10,000 MW. The Tri-Brid generator has a potential market of over 2.5 billion users including India and China.
More information can be found on the company's website, www.kalaharigt.com.
About Kalahari Greentech, Inc.: Kalahari Greentech Inc. is an energy company focused on developing, constructing and operating wind and solar energy projects, either on its own or in partnership with other energy companies. The company's main focus is to seek out opportunities to utilize its technology to develop renewable energy sources.
(OTC: QASP - Quasar Aerospace Industries, Inc. )
Current News !!
Quasar International Holdings, Inc. (Formerly Quasar Aerospace Industries, Inc.) Announces New Management Team
JACKSONVILLE, FL, Aug 17, 2010 -- Quasar International Holdings, Inc. (PINKSHEETS: QASP) Dean Bradley steps down as CEO/President of Quasar International Holdings, Inc. and announces the appointment of a new management team.
Dean Bradley said, "I am delighted to announce the appointment of a new management team, with immediate effect. My original vision -- to create a group of companies with complementary, ground breaking technology and products -- is in place. I brought the company to a point where we have agreed on exciting acquisitions and now need to secure the inward investments to carry this through. Several funding deals are in the final process of negotiation and the new appointments will provide a dynamic and talented team with the experience to move through to completion." He added, "I will serve as Chairman but the running of the company will now be in the hands of this exciting and determined team. The Mineseeker Operations acquisition will be the first to complete, giving us our first high profile international business interest. We have agreed to a short extension with Mineseeker Operations management to facilitate the new team's completion of funding and closing the MINESEEKER acquisition as its first priority." The executive consulting management team will now be in the hands of Jeffrey Landreth, Chief Executive Officer, Gene Johnson, Chief Financial Officer and Lisa Betros, Chief Operating Officer. Each of these officers have agreed to join the board with their new responsibilities to assist the company in connection with the completion of fund raising, the finalization and closing of the Company's various investments and acquisitions, and with the organization and administration of the holding company and its subsidiaries.
With these appointments, Quasar is expressing its commitment to finalize its funding packages and closing on its remaining acquisitions. Dean Bradley will work diligently with the new Senior Management Team to pursue the company's goals and objectives. In announcing these appointments, Mr. Bradley says, "We are very proud and excited to be able to attract the talent and interest of people such as Jeff Landreth and Gene Johnson and to secure a much more expanded commitment from Lisa Betros who has served as Sr. VP for the past two years. They will provide solid, proven management, administrative and leadership skills for the company as we continue to move forward with the implementation of our vision." Jeffrey Landreth commented, "This is an exciting venture and I firmly believe that Dean Bradley's vision in lining up world class acquisitions will create a unique and high profile technology group." CFO Gene Johnson added, "After funding is completed, Quasar will be in a position to deliver real and sustainable shareholder value." Moving up to COO Lisa Betros said, "Having worked at Quasar for two years I have great confidence that the new group, together with its acquisitions will fulfill the potential in which we all believe."
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The Stock Wizards is a Noticeable Financial Informational & Investor Relations Firm that brings a wealth of investing information to Micro Penny Stock traders . We evaluate daily stockmarket action and provide our members with Red-Hot stocks to watch every day. We follow certain patterns and bring you break out alerts, volume spikes, breaking news, strong stocks to watch, upward trends, mergers and more...
Please visit our website for Disclosures and Disclaimers and any conflicts of interest that there may be. http://thestockwizards.net/about/disclaimer/
Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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TheStockWizards.net makes no recommendation that the purchase of securities of companies profiled in this website is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market their securities, investing in such securities is highly speculative and carries a high risk.
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(OTCBB: HELI - Heli Electronics Corp.
CURRENT NEWS!!
Heli Electronics Corp. Releases Second Quarter 2010 Financial Results
GUANGZHOU, China, Aug 17, 2010 -- Heli Electronics Corp. (OTCBB:HELI) today has released its second quarter 2010 financial results. Heli Electronics is a marketing, distribution, and after-sales service company of Audio-Visual (AV) products in Mainland China, and is the primary marketing and distribution agency of Haier electronics in China. The company reported revenue of $24,852,753 for the three months ended June 30, 2010. This is a 226.3% or $17,235,567 increase over its Q2 2009 revenue of $7,617,186. For the six months ended June 30, 2010, Heli reported revenue of $43,693,579, an increase of $29,670,279, or 211.6% over the prior year's first six months.
Heli's net income also saw a significant increase in the most recent quarter. In the three months ended June 30, 2010, Heli's net income was $1,983,512, a 225.7% increase, or $1,374,484 over its second quarter 2009 net income of $609,028. For the six months ended June 30, 2010, Heli reported net income of $3,509,287, an increase of 232.3%, or $2,453,189 over six months ended June 30, 2009, with results of $1,056,098. Additionally, Heli's operating income saw an increase of 226.1% to $2,648,384. For the six months ended June 30, 2010, Heli reported earnings per dilu ted share at $0.02. For the second quarter alone, Heli reported earnings of $0.01 per diluted share.
Mr. Xin Qiu, President and CEO of Heli Electronics Corp., recently stated "It is clear from Heli's second quarter 2010 financial results how far the company has come in such a short period of time. In just two years, our company has grown to become one of the premier marketing and distribution agencies in China, as well as the primary sales, marketing, and logistics agency of China's top brand name in electronics and certainly AV products, Haier Electronics. The confidence that Haier has in Heli Electronics, as well as our shareholder's confidence, will help us continue to grow our business for the remainder of the year and beyond." Other Financial Information Heli's assets have increased from the end of 2009, with total assets of $17,280,343 as at June 30, 2010, an increase of 253.4% over the last six months. As of the end of the second quarter, the company's total liabilities are $11,469,572; $8,372,331 of which is accounts payable. Total liabilities increased 348.3% since December 31, 2009. Total shareholders' equity is $5,810,771, an increase of 152.6% since the end of 2009.
A full copy of the company's quarterly financial filing can be found here: http://www.sec.gov/Archives/edgar/data/1431676/000106299310002612/0001062993-10-002612-index.htm Business Outlook Heli's financial position improved greatly over the past year due to its increased business in the AV industry in Mainland China. Additionally, it has initialized and maintained relationships with China's top two consumer electronics chains GOME and Suning. The company continues to leverage its position in the industry to gain new partnerships and venture into other areas of electronics. It has significantly increased its business with Haier Electronics' AV Division since its inception, and upper management anticipates this business to grow significantly, well into 2011. Management also believes the company's strengths will help it expand market share within the electronics industry and eventually capitalize on opportunities in new markets, which they expect will in turn result in greater financial success for the company and its shareholders.
About Heli Electronics Corp.
Heli Electronics Corp. (www.helielectronics.com) is traded under the symbol HELI on the OTCBB exchange and is based in Guangzhou, China. It is the primary marketing, promotion, logistics, and after-sales service agency of audio and visual (AV) products for Haier Group, a world leader in electronics and electrical appliances. Its products include speakers, multimedia stereo systems, and home theatres, among other types of AV products. The company seeks to establish a broad network in China to provide comprehensive after-sales service, brand establishment, brand promotion, distribution, and logistics management of a wide array of electronics and electrical appliances. Backed by Haier's strong brand presence and an abundance of sales channels throughout Mainland China, HELI has grown immensely since its inception in March 2008.
Technical Outlook:
HELI Traders and Investors are watching the .10 area as a major resistance level in the few weeks. HELI is currently up 19.12% on heavy volume of 39.9 million shares in the morning session.
(OTC: MJNA- Medical Marijuana, Inc.)
Current News!!
Medical Marijuana Inc Agent Base Continues to Expand With 12 Days Until Launch of "The Hemp Network," the World's First Hemp Product Related Network Marketing Company
FOOTHILL RANCH, CA, Aug 16, 2010 -- Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce progress as they move toward the launch date of August 28. President Don Steinberg, states, "With the help of many very talented people, we have put together a world class team of web designers, branding experts, and network marketers with a reputation for putting tens of thousands of new agents into a network. Many people looking for an opportunity to participate in this new business are signing up at a faster rate than ever as we approach the open. My background is in developing mass marketing teams on a global basis. I have done it before and I believe The Hemp Network has the makings to be another large global network marketing company." Bruce Perlowin, CEO, stated, "The opportunity to be involved in the first hemp network marketing company in history in which an existing culture of numerous movements already exist who are passionate about hemp is irresistible. Hemp enthusiast include the medical marijuana movement, the marijuana legalization movement, the hemp movement itself, the health, wellness and anti-aging movement, the environmental movement and the green movement. These existing cultural creative movements all herald the wonders of hemp in their various areas and are all natural and highly motivated individuals ripe to participate in The Hemp Network." ABOUT MEDICAL MARIJUANA INC Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
ABOUT THE HEMP NETWORK The Hemp Network was established to provide hemp and wellness related products to a wide marketplace with the use of network marketing to create massive distribution.
President Don Steinberg and CEO Bruce Perlowin have in the past created one of the world's largest network marketing companies in the telecommunications industry. They bring that experience plus Dianna Kaplan heading up the products division with a team of advisors and associates that include immunologists, formulators, Doctors, PhDs, marketing teams, software engineers and more.
ABOUT HEMP Hemp seeds have all nine of the essential amino acids making it among the most complete whole foods available.
"Why use up the forests which were centuries in the making and the mines which required ages to lay down, if we can get the equivalent of forest and mineral products in the annual growth of the hemp fields?" - Henry Ford "Hemp is of first necessity to the wealth & protection of the country." - Thomas Jefferson, U.S. President To learn more about The Hemp Network and to participate in daily conference calls which discuss the pay plan, products, upcoming events and exchange of ideas, call 218-339-3600 PIN: 321677, or listen to the recorded calls 24/7 at: 951-262-3496.
MEDICAL MARIJUANA INDUSTRY SOLUTIONS Medical Marijuana Inc has developed a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry which provides the tools to industry operators to effectively manage their business with the confidence that they are in full compliance.
(OTC: KHGT - Kalahari Greentech, Inc. )
Current News !!
Kalahari Greentech, Inc. Projects Eighteen Million in First Year Sales for the Solar-Thermal Tri-Brid Generator
BALTIMORE, Aug 16, 2010 -- Kalahari Greentech, Inc. (Pink Sheets:KHGT) released a statement today detailing costs and revenues for its patented Solar Thermal "Tri-Brid" generator.
Based on the outlook for 2011 wind power growth forecasts, the wind generator could be useful for as many as 2 million homes (http://www.wwindea.org/ ).
With government incentives of up to $3 per Watt, analysts expect over 2,000MW in new solar capacity will be installed as early as 2011, up from just over 100MW in 2008 (Source: http://www.reuters.com, http://www.solarbuzz.com/).
At a selling price of $6,000 per "Tri-Brid" system unit, the current market potential for 2 million homes is $12 Billion. Assuming manufacturing begins in early 2012 Kalahari should be able to place approximately 3,000 units in the field by December 2012. As a result the expected sales for fiscal 2012 are $18,000,000 (eighteen million dollars). The unit cost for a medium scale production run will be $1,200, producing approximately $14,400,000 of gross revenue.
Designed to be an ideal solution for rural homes and farms, where power infrastructure is limited or impractical to install, The "Tri-Brid" is designed around the goal of providing continuous, usable power without necessary grid power during non-peak times.
This target has driven up the cost of traditional photo-voltaic materials commonly used for solar power generation. By utilizing government incentives and generating power at the site where it is consumed "Tri-Brid" will be independent of the national grid. The Tri-Brid does not use photovoltaic panels. Each self-contained unit is estimated to generate 2.5kW 24 hours per day during most of the year, with peak daytime output being much higher. The incentive translates to $7,500 for first time users.
The Tri-Brid system, when coupled with a water tank, will also be able to generate hot water more efficiently than any photovoltaic/electric systems that are currently on the market. The water can also be used to store excess energy during the day, and can be used for peak power anytime, without the need for a large electrical battery system. Since it utilizes all wavelengths of light, it will still produce power on cloudy days.
The trend toward renewable sources of energy is growing. "Renewables accounted for 60 per cent of newly installed capacity in Europe and more than 50 per cent in the USA in 2009" (Source: http://www.globe-net.com).
Internationally, China is expected to raise its 2020 solar power generation target to at least 10,000 MW. The Tri-Brid generator has a potential market of over 2.5 billion users including India and China.
More information can be found on the company's website, www.kalaharigt.com.
About Kalahari Greentech, Inc.: Kalahari Greentech Inc. is an energy company focused on developing, constructing and operating wind and solar energy projects, either on its own or in partnership with other energy companies. The company's main focus is to seek out opportunities to utilize its technology to develop renewable energy sources.
(OTC: QASP - Quasar Aerospace Industries, Inc. )
Current News !!
Quasar International Holdings, Inc. (Formerly Quasar Aerospace Industries, Inc.) Announces New Management Team
JACKSONVILLE, FL, Aug 17, 2010 -- Quasar International Holdings, Inc. (PINKSHEETS: QASP) Dean Bradley steps down as CEO/President of Quasar International Holdings, Inc. and announces the appointment of a new management team.
Dean Bradley said, "I am delighted to announce the appointment of a new management team, with immediate effect. My original vision -- to create a group of companies with complementary, ground breaking technology and products -- is in place. I brought the company to a point where we have agreed on exciting acquisitions and now need to secure the inward investments to carry this through. Several funding deals are in the final process of negotiation and the new appointments will provide a dynamic and talented team with the experience to move through to completion." He added, "I will serve as Chairman but the running of the company will now be in the hands of this exciting and determined team. The Mineseeker Operations acquisition will be the first to complete, giving us our first high profile international business interest. We have agreed to a short extension with Mineseeker Operations management to facilitate the new team's completion of funding and closing the MINESEEKER acquisition as its first priority." The executive consulting management team will now be in the hands of Jeffrey Landreth, Chief Executive Officer, Gene Johnson, Chief Financial Officer and Lisa Betros, Chief Operating Officer. Each of these officers have agreed to join the board with their new responsibilities to assist the company in connection with the completion of fund raising, the finalization and closing of the Company's various investments and acquisitions, and with the organization and administration of the holding company and its subsidiaries.
With these appointments, Quasar is expressing its commitment to finalize its funding packages and closing on its remaining acquisitions. Dean Bradley will work diligently with the new Senior Management Team to pursue the company's goals and objectives. In announcing these appointments, Mr. Bradley says, "We are very proud and excited to be able to attract the talent and interest of people such as Jeff Landreth and Gene Johnson and to secure a much more expanded commitment from Lisa Betros who has served as Sr. VP for the past two years. They will provide solid, proven management, administrative and leadership skills for the company as we continue to move forward with the implementation of our vision." Jeffrey Landreth commented, "This is an exciting venture and I firmly believe that Dean Bradley's vision in lining up world class acquisitions will create a unique and high profile technology group." CFO Gene Johnson added, "After funding is completed, Quasar will be in a position to deliver real and sustainable shareholder value." Moving up to COO Lisa Betros said, "Having worked at Quasar for two years I have great confidence that the new group, together with its acquisitions will fulfill the potential in which we all believe."
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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Wednesday, August 18, 2010
Solar Power, Inc and Paramount Energy Solutions Doing Business
ROSEVILLE, Calif., Aug 16, 2010 (BUSINESS WIRE) -- Solar Power, Inc. (SOPW 0.39, +0.01, +2.63%) announced today that it has reached an agreement to sell its residential business serving Sacramento to Paramount Energy Solutions. The Company's Roseville-based operation, doing business locally as Yes! Solar Solutions(R), serves the residential solar market in Sacramento, Placer, Yolo and El Dorado counties. The transaction marks a sharpened focus for Solar Power, Inc., on large-scale distributed generation and utility-scale solar developments.
"The residential solar business can be challenging in the current economic climate, especially with respect to financing residential solar systems through conventional means," said Steve Kircher, Chairman and CEO of Solar Power, Inc. "Paramount Energy Solutions has developed innovative and successful financing solutions for homeowners," Kircher pointed out. "This agreement is a win-win for all involved. We're proud to share an exclusive alliance with Paramount Energy Solutions in the development of the residential solar market. This allows us to focus on our core competencies and operational strengths as we continue to pursue a growing number of distributed generation and utility-scale solar developments," Kircher concluded.
In just over 10 months of operation, Paramount Energy Solutions (PES) has sold over 500 PV solar systems to homeowners in CA and AZ. PES aims to make going solar simple for its customers. The company provides financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring from a single source through its partnership with SolarCity(R). With PES's innovative financing options, customers are able to start saving money on their energy bills in the first month of service with no upfront costs.
"We are excited about this agreement with Solar Power, Inc.," said Hayes Barnard, CEO of Paramount Energy Solutions. "Our company's focus is in helping homeowners save money on a monthly basis. We look forward to assisting those customers currently working with Yes!," Mr. Barnard concluded.
The transaction was executed on August 12th between Solar Power, Inc., and Paramount Equity, Paramount Energy Solution's parent company. PES will begin working with Yes!'s prospective customers immediately.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc., is a vertically integrated solar developer; the Company manages its value chain from material sourcing to manufacturing, through post-installation asset management of its systems, and manufactures is own line of world-class solar modules and balance-of-system products. The Company designs, manufactures, and delivers world-class photovoltaic solar systems to its commercial business, government, and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at www.solarpowerinc.net.
About Paramount Equity
Paramount Equity was founded in 2003 with a commitment to saving their neighbors money. The company has taken great pride in bringing innovation to the mortgage, insurance, and residential PV solar industries by focusing on providing competitive pricing, speed of transaction, and ethical education to customers. Paramount Equity has served the unique needs of tens of thousands of customers in California, Oregon, Washington, Utah, Arizona, and Virginia. For additional information on Paramount Equity and its services, visit www.paramountequity.com.
About Paramount Energy Solutions
Paramount Energy Solutions was created to save homeowners money by helping them adopt renewable energy solutions. This division of Paramount Equity currently focuses on offering homeowners PV solar power systems, but the company plans to add additional clean energy products in the future. As a certified partner of SolarCity(R), PES delivers a one-stop, streamlined process for busy homeowners that includes financing, custom design, solar installation, permits, rebate paperwork and ongoing solar system monitoring. With its innovative financing options, customers can now go solar for zero down and start saving money in the first month of service.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
SOURCE: Solar Power, Inc.
Solar Power, Inc.
Mike Anderson, 916-745-0916
Vice President Marketing
Manderson@solarpowerinc.net
or
Paramount Equities
Michele Magee, 916-746-8080
EVP of Operations Solar Power, Inc.
mmagee@paramountequity.com
Copyright Business Wire 2010
"The residential solar business can be challenging in the current economic climate, especially with respect to financing residential solar systems through conventional means," said Steve Kircher, Chairman and CEO of Solar Power, Inc. "Paramount Energy Solutions has developed innovative and successful financing solutions for homeowners," Kircher pointed out. "This agreement is a win-win for all involved. We're proud to share an exclusive alliance with Paramount Energy Solutions in the development of the residential solar market. This allows us to focus on our core competencies and operational strengths as we continue to pursue a growing number of distributed generation and utility-scale solar developments," Kircher concluded.
In just over 10 months of operation, Paramount Energy Solutions (PES) has sold over 500 PV solar systems to homeowners in CA and AZ. PES aims to make going solar simple for its customers. The company provides financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring from a single source through its partnership with SolarCity(R). With PES's innovative financing options, customers are able to start saving money on their energy bills in the first month of service with no upfront costs.
"We are excited about this agreement with Solar Power, Inc.," said Hayes Barnard, CEO of Paramount Energy Solutions. "Our company's focus is in helping homeowners save money on a monthly basis. We look forward to assisting those customers currently working with Yes!," Mr. Barnard concluded.
The transaction was executed on August 12th between Solar Power, Inc., and Paramount Equity, Paramount Energy Solution's parent company. PES will begin working with Yes!'s prospective customers immediately.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc., is a vertically integrated solar developer; the Company manages its value chain from material sourcing to manufacturing, through post-installation asset management of its systems, and manufactures is own line of world-class solar modules and balance-of-system products. The Company designs, manufactures, and delivers world-class photovoltaic solar systems to its commercial business, government, and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at www.solarpowerinc.net.
About Paramount Equity
Paramount Equity was founded in 2003 with a commitment to saving their neighbors money. The company has taken great pride in bringing innovation to the mortgage, insurance, and residential PV solar industries by focusing on providing competitive pricing, speed of transaction, and ethical education to customers. Paramount Equity has served the unique needs of tens of thousands of customers in California, Oregon, Washington, Utah, Arizona, and Virginia. For additional information on Paramount Equity and its services, visit www.paramountequity.com.
About Paramount Energy Solutions
Paramount Energy Solutions was created to save homeowners money by helping them adopt renewable energy solutions. This division of Paramount Equity currently focuses on offering homeowners PV solar power systems, but the company plans to add additional clean energy products in the future. As a certified partner of SolarCity(R), PES delivers a one-stop, streamlined process for busy homeowners that includes financing, custom design, solar installation, permits, rebate paperwork and ongoing solar system monitoring. With its innovative financing options, customers can now go solar for zero down and start saving money in the first month of service.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
SOURCE: Solar Power, Inc.
Solar Power, Inc.
Mike Anderson, 916-745-0916
Vice President Marketing
Manderson@solarpowerinc.net
or
Paramount Equities
Michele Magee, 916-746-8080
EVP of Operations Solar Power, Inc.
mmagee@paramountequity.com
Copyright Business Wire 2010
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