Clear Skies Discusses 2010 and 2011
April 04 2011 - 6:00AM
Clear Skies Solar, Inc (CSS) (OTCBB:CSKH), a full-service renewable
energy provider to commercial, industrial and agricultural clients,
reflects on the past year and the changes moving forward.
Commenting on the 2010 year end results Ezra Green, CEO, said:
"As the CEO of Clear Skies Solar, it is important to discuss the
future with shareholders as accurately as possible and it is
equally as important to discuss when the future events previously
discussed have not been realized. Several times we at CSS had
predicted a good year in 2010 as far as revenue was concerned, and
although we did not meet our own expectations, we did manage to
reach a new high of $5.5 million for the year. The 5 projects we
were able to complete in 2010 for our customer were all commercial
projects in New Jersey and all of them were completed profitably
with 10% margins or better."
Continuing, Mr. Green said: "Our plan was to have executed on
several additional commercial projects that we had been developing
over the course of the past year but unfortunately they had not,
and still have not, come to fruition leaving us with this gap in
expectations. We still do expect to complete some of these projects
but we can no longer discuss time lines. The complexities of
developing larger Mega-watt size projects and working with large
scale clients have proved numerous, hence creating a difficult
timeline for execution forecasting. One of the difficult issues we
faced in reaching our goal was the requirements imposed by clients,
which was the need for us to 'float' the projects in part for 60-90
days, that is working on them before receiving any payments.
Meeting this requirement proved elusive to us in 2010.
"We have changed our business model as we have recognized the
need to alter our course in Q4 of 2010. We expanded our
business model into new sectors, residential and smaller commercial
projects. The importance of this move was for us to be able to
generate a much steadier cash flow thereby assisting in minimizing
the equity dilution necessary to maintain operations. The time to
implement this expanded model was estimated at six months but we
are pleased to say that we have been begun generating revenue in
only two months. As for cash flow, although we have completed
several equity placements recently, this pursuit of higher volume
though smaller projects has proved successful. As a result, in
Q1 of 2011, we placed the first of several millions of dollars in
product orders for the projects developed under this new program.
We have announced a combination of LOI's from our client-financers
as well as signed contracts that are now moving to the engineering
and permitting stage. At this time we will not be giving guidance
for 2011 but we will be releasing news frequently reflecting our
progress.
"We have received many inquiries as to why our stock price has
remained under pressure and needless to say we have no control over
this, but our promise to keep our shareholders better informed will
be met as we have demonstrated the past few months.
"Our auditors, JH Cohn, plan on completing their calendar
year-end work within the next few days and we plan to file our
annual report with the SEC on form 10-K as soon as that work is
done. This report will reflect the details of the past year.
This has been a very difficult few years but we believe it is
behind us now having changed to this new model. Needless to say, we
do not benefit from a low stock price and we strove to meet our
goals for 2010. We look forward to regaining the confidence of our
shareholders in 2011."
About Clear Skies Solar, Inc.
Clear Skies Solar, Inc. (CSS), through its wholly owned
subsidiary, provides full-service renewable energy solutions to
commercial, industrial and agricultural clients across the country.
CSS was incorporated in 2003 and launched formal operations in
2005. During that time, the Company developed its proprietary
systems, obtained important licenses and certifications, and
acquired technologies to maximize the impact of its construction
expertise in the renewable energy sector. Clear Skies Solar
has become one of the premier solar electric installation companies
in the country. For more information about CSS please visit
http://www.clearskiessolar.com
The Clear Skies Solar, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=7498 |
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" that involve risks and
uncertainties. These include statements about Clear Skies
Solar's expectations, plans, objectives, assumptions or future
events. You should not place undue reliance on these
forward-looking statements. Information concerning factors
that could cause the Company's actual results to differ materially
from these forward-looking statements can be found in Clear Skies
Solar's periodic reports filed with the Securities and Exchange
Commission. Clear Skies Solar undertakes no obligation to
publicly release revisions to these forward-looking statements to
reflect future events or circumstances or reflect the occurrence of
unanticipated events.
CONTACT: Clear Skies Solar, Inc.
Investor Relations Department
Email: IR@ClearSkiesSolar.com
Direct: 1-877-309-CSKH (2754)