Solar3D's Proposed Acquisition Poised for Dramatic Growth
November 13 2013 - 3:02AM
Marketwired
Solar3D's Proposed Acquisition Poised for Dramatic Growth
Based On Its Growing Backlog of Orders, SUNworks Is Well
Positioned to Substantially Increase Sales and Earnings in 2014
SANTA BARBARA, CA--(Marketwired - Nov 13, 2013) - Solar3D, Inc.
(OTCQB: SLTD), the developer of a breakthrough 3-dimensional solar
cell technology to maximize the conversion of sunlight into
electricity, last week announced that it signed a definitive
purchase agreement to acquire 100% of Solar United Networks, Inc.
(SUNworks), based in Roseville, California. Today, management
announced that the company is expected to experience substantial
growth of sales and earnings in 2014.
"The planned acquisition of SUNworks provides us with the
opportunity that we have been seeking to enter the solar energy
systems business," said Jim Nelson, CEO of Solar3D. "Based on
business already sold and in the backlog, the management team at
SUNworks is already forecasting substantial growth for 2014 -- on a
trajectory consistent with its dramatic growth of the last few
years. The company's aggressive market expansion plan is supported
by the management team's commercial market expertise, as well as a
depth of knowledge regarding legislative incentives and programs in
the solar commercial sector."
SUNworks, focused on the design, installation and management of
solar energy systems for commercial, agricultural and residential
customers, is one of the fastest growing solar systems providers in
California. The company has delivered hundreds of 2.5 kilowatt to
1-megawatt commercial systems and has the capability to deliver
systems as big as 25 megawatts. Its revenue for 2013 is estimated
to be in excess of $7,500,000, with estimated pre-tax profits of
almost $1,000,000. After the acquisition, SUNworks will continue
operations as a wholly owned subsidiary of Solar3D.
Abe Emard, CEO of SUNworks, said, "We are absolutely committed
to growth and strive to be one of the fastest growing companies in
the systems sector of the solar industry. By becoming part of
Solar3D, we can do the things we have always wanted to do -- grow
internally through our company sales, and grow through the
acquisition of other great companies with similar values and
similar ambitions."
Nelson concluded, "In addition to the solar energy systems
business, Changwan Son, our lead scientist, and his team will
continue to focus on the development of our 3-dimensional solar
cell technology. The SUNworks business and its anticipated growth
and profitability is expected to be the perfect complement to the
exciting future we envision with the development of our new Solar3D
Cell."
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar
cell technology to maximize the conversion of sunlight into
electricity. Up to 30% of incident sunlight is currently reflected
off the surface of conventional solar cells, and more is lost
inside the solar cell materials. Inspired by light management
techniques used in fiber optic devices, our innovative solar cell
technology utilizes a 3-dimensional design to trap sunlight inside
micro-photovoltaic structures where photons bounce around until
they are converted into electrons. An innovative wide-angle light
collection feature on the cell surface allows for the collection of
sunlight over a range of angles during the day. This next
generation solar cell is designed to be dramatically more
efficient, with the goal of achieving a lower cost per watt that
will make solar power affordable for the world. To learn more about
Solar3D, please visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These risks
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors
affecting the Company and its operations, markets, products, and
prospects for sales, failure to commercialize our technology,
failure of technology to perform as expected, failure to earn
profit or revenue, higher costs than expected, persistent operating
losses, ownership dilution, inability to repay debt, failure of
acquired businesses to perform as expected, the impact on the
national and local economies of terrorist actions, and U.S. actions
subsequently; and other factors detailed in public reports filed by
the Company.
Press Contact:
Jim Nelson Email Contact 805/690-9000
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