Solar Energy Initiatives, Inc. Provides Business Update

November 10, 2008 8:00 AM EST

PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)--

Solar Energy Initiatives' (OTCBB: SNRY) transition year includes a number of business milestones;

    --  Successfully moved from development stage company to fully
        operational solar enterprise in the fastest growing industry
        worldwide,

    --  Current monthly revenue is at an annual sales rate of $3M and
        expected to reach an annual rate of $21M by the end of 2009,

    --  In early 2008, we entered into an arrangement with an Asian
        Photovoltaic Solar Panel manufacturer to exclusively represent
        their products in North America,

    --  On July 15, 2008 our stock was approved for public trading,

    --  On August 20, 2008 we acquired the solarenergy.com domain
        name, the most visited solar website currently receiving over
        350,000 "hits" per month, as well as its business name Solar
        Energy, Inc.

    --  On August 22, 2008 we changed our name to Solar Energy
        Initiatives, Inc. and our stock trading symbol became SNRY.BB,

    --  We have added 7 dealers to the affiliation of independent
        solar product sales organizations, increasing the network
        total to 43, the nation's largest, and are launching a
        cooperative buying effort to leverage our size with
        manufacturers,

    --  We are now generating revenues from the sale of solar products
        to our network of 43 dealers as well as income generated from
        the addition of new dealers and Solar University training,

    --  We have added key personnel with renewable energy experience,

    --  The number and quality of commercial and solar park projects
        continues to grow, with more than 50 Megawatts under review,

    --  Growth from acquisition continues to be a focus,

    --  The 8-year extension of the Federal Investment Tax Credit and
        the anticipated drop in the cost of solar electric generation
        bodes well for the Solar Industry,

    --  SNRY will utilize the equipment of BP Solar a division of
        British Petroleum (NYSE: BP) and GE Solar a division of
        General Electric (NYSE: GE) and leading off-shore Asian
        suppliers as it accelerates it integration strategy, the next
        growth segment of the Solar Industry

While Solar Energy Initiatives does not compete directly with industry giants such as; First Solar (NASDAQ: FSLR), Kyocera (NYSE: KYO), Sanyo (OTC: SANYY), or Suntech (NYSE: STP) it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power. Solar power requires a capital investment on the front end but keeps paying a return investment long after the upfront capital cost is recovered.

Solar Energy Initiatives, Inc. - (www.SolarEnergy.com) is dedicated to reducing the world's dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, while building a profitable company. We are executing on a three pronged approach to achieve our plan. This includes: continuing development of the fastest growing dealer network in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.

Matters discussed in this press release contain forward looking statements as defined under the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the Company. Such risks and uncertainties include, but are not limited to: the time frame for production of revenue; product development and commercial introduction; the impact of rapid price and technological change and competition; manufacturing and supply uncertainties; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities & Exchange Commission.

Source: Solar Energy Initiatives, Inc.

Related Categories

Press Releases

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?