SWW Swwenergy Fpo

Solverdi Worldwide Ltd (ASX: SWW), the world’s first renewable utility, today provided a year-to-date operating and financial update.

Chief Executive Officer Dennis Danzik stated, “We have been successful in repositioning the Company since December 2008 when the strategic alliance began between ABG and White Mountain, which resulted in the formation of Solverdi Worldwide, Ltd. Since then, we have expanded beyond our historical operation as a producer of biodiesel in Australia to become a producer of renewables, including electricity, steam, and non-potable water.

“This repositioning of the business places Solverdi into the global distributed electrical energy space. Solverdi’s technology provides a means for its customers to consume power directly ‘behind the meter’. Key Solverdi objectives include providing a turn-key solution for companies that lowers their overall operating expenses while utilizing sustainable resources and complying with ever expanding ‘green’ energy mandates. Looking ahead, our goals for the remainder of 2009 include completing installations in locations in the United States, Australia, and New Zealand, which will allow us to answer international demand for waste solutions and distributed renewable energy on a global scale,” said Danzik.

Solverdi has the distinct advantage, through utilization of its licensed technology, to produce valuable renewable byproducts--all from various wastewater materials. In turn, the resulting biofuel, steam and water are used in Solverdi’s unique process of generating and selling sustainable distributed energy. The Solverdi Process leverages its renewable fuels and specially engineered equipment with the use of amplified solar energy to supply electricity to an industrial or commercial building’s uninterruptable power supply. The Solverdi-owned system is generally installed on the exterior of the building and often fits inside a 100 square foot area (9.2 square meters). All systems are designed, engineered and installed by specially trained Solverdi engineers and personnel. The Solverdi solution also meets LEED and UL standards.

Highlights of the Company’s progress include:

• Launched the Solverdi Process which is now able to generate and deliver renewable energy products at a fraction of the cost compared to producing biodiesel, ethanol, wind or solar energy.
• Completed the sale of non-core assets for a total of approximately AUD$4 million including Scanline Pty Ltd., and the Narangba property.
• Solverdi’s cash and cash equivalents at June 30 totaled approximately AUD$1.2 million compared with AUD $332,000 at December 31, 2008 which is an increase of 245%.
• Solverdi’s receivables at June 30 totaled AUD$900,000 up from AUD $243,000 at December 31, 2008 which is a 270% increase.
• Property, Plant, Equipment and Intangibles as of June 30, nearly doubled to AUD$14,525,000 from AUD$7,300,000 at December 31, 2008.
• Total assets as of June 30 also nearly doubled to AUD$19,656,000 from AUD$9,872,000 at December 31, 2008.
• Restructured the sales organization and identified the key initial target markets that represent more than 70,000 potential clients.
• Commissioned two production facilities that will deliver renewable energy in the Southwestern U.S. and Australia. These facilities are expected to commence generating revenue in the fourth quarter.
• Acquired Aristos International in order to benefit from synergies arising from Aristos’ expertise in the data center design/build business by offering Aristos customers Solverdi’s patented, low-cost, “green” energy processes that can turn businesses’ costly back-up generators and uninterruptable power systems into an economical energy source with definable returns on investment. The Aristos name will continue to be a brand under the Solverdi company umbrella.
• Completed the installation at Seaway Manufacturing to provide renewable power, compressed air and non potable water to Seaway’s manufacturing facility.
• Current backlog has grown to encompass 14 U.S.-based projects, which will be announced as they are implemented.

Chief Financial Officer Christopher Larson stated, “While our work to reposition the Company in the renewable fuel market continues, we have made great strides in liquidating non-core assets and adding core assets that reflect our growth opportunity. While our June financial results do not fully reflect the momentum or the growth potential of our new business model, we are pleased to see that total assets of value to our current business model nearly doubled to AUD$19.7 million and our cash balance as of June 30 was AUD$1.2 million.

“Looking at our business strategy, as conventional electricity costs continue to rise over time, we believe our solution for capitalizing on existing unutilized generator capacity will continue to gain traction. We can supply electricity to customers during peak utilization periods at 15 - 25% below peak rates per kilowatt hour. We see demand increasing at large waste producers including military installations, hospitals and waste water jurisdictions, and Solverdi is now in a position to begin fulfilling that demand,” Larson concluded.

About Solverdi Worldwide Ltd.

Solverdi Worldwide Limited is the world’s first renewable utility. It offers customers a “behind the meter” solution for generating electricity during peak utilization periods at 15 - 25% below peak rates per kilowatt hour. In addition, the Solverdi Process is used to produce steam, compressed air, and recapture non-potable water. The Solverdi Process includes a solar cracking (thermal) system that delivers renewable electricity and incorporates the use of solar and renewable fuels, and utilizes a commercial building’s uninterruptable power supply and interior energy infrastructure. The average system is installed on the exterior of the building and fits inside a 10’ x 10' area. All systems are designed and supervised by professional engineers, and meet LEED standards in the U.S. The Company also operates Australia’s largest capacity renewable fuel production facility, near Brisbane, Queensland, and an additional facility in Berkley Vale, New South Wales that is currently being converted to the Solverdi process.

Forward-Looking Statements The information herein contains forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause Solverdi results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," and similar words. These statements may include, among others, plans, strategies and objectives of management for future operations; any statements regarding proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. The potential risks and uncertainties may include, but are not limited to, competition in the Company’s target markets; potential capital needs; management of future growth and expansion; risk of third-party claims of infringement; protection of proprietary information, customer acceptance of the Company's products and fee structures; the success of Solverdi brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; the Company’s ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of international markets for the Company's products. Solverdi assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.

Solverdi Worldwide (ASX:SWW)
Historical Stock Chart
From May 2024 to Jun 2024

Solverdi Worldwide (ASX:SWW)
Historical Stock Chart
From Jun 2023 to Jun 2024