SOLAR3D INC – Provides Financial And Business Development Update
Solar3D Inc. (NASDAQ: SLTD), a provider of solar power solutions and the developer of a proprietary high efficiency solar cell, commented on the strong momentum experienced thus far in 2015, resulting in a robust outlook for the balance of this year and beyond. To date, the Company has achieved major milestones, including the completion of a $12.5 million equity capital raise, uplisting to the NASDAQ and the acquisition of MD Energy. The Company has also provided 2015 guidance for revenue ranging from $40 million to $45 million compared to $20.2 million in 2014. Management expects to generate positive EBITDA in 2015 and has earmarked a portion for continued strengthening of balance sheet in addition to overall financial metrics.
The NASDAQ listing and the $12.5 million in equity raised in March 2015 will enable Solar3D to move forward quickly on synergistic, accretive M&A opportunities. The $12.5 million in additional funding bolsters the Company’s cash position significantly, enabling management to increase the pool of potential acquisition candidates as it further pursues its growth strategy. With each new M&A transaction, the Company expects to grow and diversify revenue, improving its financial and balance sheet metrics.
Solar3D also strengthened its executive leadership and Board positions with the appointment of Tracy Welch as Chief Financial Officer, and Brigham Tomco as the newest member of its Board of Directors. Mr. Welch has held CFO and Treasurer roles in several large companies, including multi-billion dollar energy companies KN Energy and Smith International. His experience in identifying, financing and integrating over 35 M&A transactions ranging from $10 million to $500 million makes him the ideal CFO for Solar3D. Mr. Tomco previously served as the Chairman and Founder of Zylun Global, a private equity backed investment holding company. His experience also includes positions with Ocean Road Advisors and Meyer Ventures, an $800+ million portfolio. These additions to the executive team and board bolster Company management and corporate governance.
Solar3D’s growth plan is to continue to consolidate the fragmented California and Nevada solar market, which is estimated to continue experiencing growth due to increased demand for solar power among residential and commercial customers. Historically, the Company has funded acquisitions using a combination of cash and convertible notes, a strategy attractive to Solar3D and its shareholders, as well as the acquired companies. This structure offers equity upside, while creating incentives for retained management teams to drive further growth, thus aligning with the objectives of each stakeholder.
“Our SUNworks division recently expanded into Nevada, achieved SunPower Elite status to become a certified solar installer, and finished a record month in March, with the closure of 60+ solar design and installation contracts, generating new residential sales of over $2.1 million,” said Jim Nelson, CEO of Solar3D. “We believe that 2015 has picked up right where 2014 left off in terms of sales and revenue generation. We are working tirelessly to execute on our acquisition strategy to deliver value to our shareholders. The working capital that we have as a result of the capital raise, combined with our NASDAQ listing, will help us pursue new accretive acquisitions and add new revenue streams.”
Mr. Nelson concluded, “The market for residential distributed solar energy is booming and we are well positioned to leverage that growth. Both operating divisions — SUNworks and newly acquired MD Energy (MDE) — are performing well by increasing sales organically via our sophisticated marketing strategy. We just announced a record for new residential sales at SUNworks in March, with $2.1 in new sales and expect this momentum to continue.”
About Solar3D, Inc.
Solar3D, a leading provider of solar power solutions, is focused on the design, installation and management of solar power systems for commercial, agricultural and residential customers. Through its wholly owned subsidiaries, Solar3D is one of the fastest growing solar systems providers in California delivering 2.5 kilowatt to multi-megawatt commercial systems. Solar3D’s technology division is developing a patent-pending 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. The Solar3D Cell collects sunlight from a wide angle and lets light bounce around in 3-dimensional microstructures on the solar cell surface. The Company’s mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies.
To learn more about Solar3D, 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 resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.