Message #23 From:
NewsBot Date: January 10, 2007 07:49:00 AM
OEGY News Open Energy Announces Preliminary Fiscal 2007 Second Quarter Sales and Provides Updated Guidance for FY 2007
SOLANA BEACH, Calif.--(BUSINESS WIRE)--Open Energy Corp. (OTCBB:OEGY) announced today its outlook for the
second quarter ended November 30, 2006 and provided updated guidance for
its fiscal year ended May 31, 2007.
For the second quarter of fiscal 2007, the Company expects to report net
sales of approximately $1.7 million, or an increase of 375%, from sales
of $358 thousand for the first quarter of fiscal 2007. Projected sales
for its fiscal year ended May 31, 2007 are now projected to be
approximately $10 million, compared to previously issued guidance of
$22-$24 million.
“Even though we will report significant growth
for our second quarter, we believe it is prudent to revise our revenue
guidance to reflect an uncertainty in near-term shipments from our
primary cell supplier, and a delay in bringing on alternative suppliers,”
commented David Saltman, President and CEO of Open Energy Corporation. “While
we are very pleased with the progress the company has made so far and
our strong sales in the second quarter, we decided that it is necessary
to take a more conservative sales outlook for the remainder of fiscal
2007. Our order backlog remains strong, we are initiating a consumer
campaign promoting our PV tile product, and we are very excited about
the many growth opportunities that lie ahead for Open Energy.
”We are taking the necessary steps to ensure
our inventory of cells is appropriate to achieve our updated guidance,”
Mr. Saltman commented. “In addition, we
believe the first commercial prototype of the SunCone concentrating
solar power system will be demonstrated this Spring. The acquisition of
WaterEye and the addition of Tom Wolfe to our senior management team has
greatly accelerated the development of this exciting product.”
Open Energy Corporation(OTCBB:OEGY) is a renewable energy (RE)
company focused on the development and commercialization of a portfolio
of technologies capable of delivering low-risk, cost-competitive
electricity, fresh water and related commodities on a global basis. Open
Energy offers building-integrated photovoltaic (PV) roofing materials
for commercial, industrial, and residential markets. Marketed under the
trade name SolarSave®, the product line
includes roofing membranes, roofing tiles, custom architectural PV
glass, and balance of systems equipment such as inverters, combiners,
and accessories. The Company also holds an exclusive, worldwide license
to a solar thermal technology called SunCone™
CSP (Concentrating Solar Power), which is currently being developed to
produce electricity and potable water using only the power of the sun.
The company’s mission is to enhance life by
harnessing the power of the sun.
Safe Harbor for Forward Looking Statements
Except for statements of historical fact, the information presented
herein constitutes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or achievements
of the company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include general economic and business
conditions, customer demand for it products, the Company's ability to
scale up manufacturing to meet demand, and other factors over which Open
Energy Corporation has little or no control.
