Electron Solar Energy Reports Record First Quarter Revenues of $554,039, Up 228% Year-over-Year
MIAMI--(Business Wire)--
Electron Solar Energy (OTC:ESRG), an international distributor of
alternative energy systems, announced today record revenues of
$554,039 for the first quarter ended March 31, 2008. First quarter
2008 revenues increased by 238% compared to revenues of $168,943 in
the same quarter one year ago, and were exactly 20% higher than
revenues of $460,782 reported in the fourth quarter of 2007. Detailed,
quarterly and annual financial reports are filed voluntarily by the
Company and are available at http://www.pinksheets.com.
President and CEO of Electron Solar Energy Christopher Quinn said,
"Revenues in the first quarter of 2008 outperformed any other quarter
in our operating history. These Record sales figures represent some
new bulk sales from commercial clients, coupled with continued growth
in orders for our complete free-standing solar energy kits. With Fuel
costs at an all time high, customers are embracing the more
economically viable alternative energy technologies we sell. During
the first quarter, we also closed on a strategic acquisition of
Express Communications Supply Inc., a wire and cable manufacturing
facility, which generates just under $1 Million in highly profitable
annual sales. This acquisition has immediately grown our book of
business for additional top-line growth with healthy profit margins
beginning in the first quarter of 2008."
Quinn continued, "We are also operating with a strong balance
sheet, benefiting from a large reduction in our long-term debt and
accounts payable completed in the fourth quarter of 2007. We were
close to breakeven in the first quarter, and anticipate a turnaround
to profitability by year-end 2008. Taking away one time legal expenses
and facility improvements we are already making it happen. Based on
our continued, organic growth, focus on higher margin products and
value added installation services, plus increased demand from
high-growth, emerging economies overseas, we are on track to generate
more than $2.2 million in annual sales in 2008."
About Electron Solar Energy
Electron Solar Energy, based in Miami, Florida, is engaged in the
international distribution of alternative energy systems. The
Company's turnkey solutions provide solar and wind energy generation,
as well as energy storage systems sold B2B and B2C worldwide. The
Company also sells a proprietary line of sealed batteries, inverters,
converters, Solar Panels, Related components, and gas and diesel fuel
generators. For more information on the Company, visit
www.electronsolarenergy.com.
For investor relations, visit http://www.otcfn.com/esrg.
This release includes forward-looking statements, which are based
on certain assumptions and reflects management's current expectations.
These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. Some of these factors include:
general global economic conditions; general industry and market
conditions and growth rates; uncertainty as to whether our strategies
and business plans will yield the expected benefits; increasing
competition; availability and cost of capital; the ability to identify
and develop and achieve commercial success for new products and
technologies; the level of expenditures necessary to maintain and
improve the quality of products and services; changes in technology;
changes in laws and regulations, includes codes and standards,
intellectual property rights, and tax matters; the uncertainty of the
oil & gas market; including the geopolitical environment not
anticipated; our ability to secure and maintain strategic
relationships and distribution agreements. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Electron Solar Energy, Miami
Christopher Quinn, President and CEO, 305-756-6789
www.electronsolarenergy.com
or
OTC Financial Network
Rick McCaffrey, Investor Relations
781-444-6100, Ext. 625
rick@otcfn.com
http://www.otcfn.com/esrg
Copyright Business Wire 2008
