FT. LAUDERDALE, FL, July 8 /PRNewswire-FirstCall/ -- Solargy Systems, Inc. (Other OTC:SLGS.PK - News), a systems integrator of alternative energy technologies, today discussed its results for the quarter ended June 30, 2009 and the business outlook for 2009.
Highlights of the financial results ending June 30, 2009 - February 2009 - LOI to develop 2nd solar farm in Florida - March 2009 - LOI for a Project in Pakistan for 30 MW hybrid facility - April 2009 - Secured a 30 MW BOT agreement to deliver a hybrid power plant to Mardan Three-Months Six-Months ended ended June 30, 2009 June 30, 2009 ------------- ------------- Revenues $3,401 $5,714 Cost of Revenues ($11,046) ($15,400) Gross Profit ($7,645) ($9,686) Total Operating Expenses $163,884 $359,304 Net Income* ($150,467) ($348,220)
"The company has been affected by the lack of availability of capital to fund its projects," stated Carl Nurse, CEO. However management has had productive discussions with private equity firms who have expressed an interest in funding the projects. The company has also applied for OPIC insurance to cover any political or other risk to the project."
Business Outlook:
Solargy Systems, Inc. is currently negotiating funding for our Pakistani Project. If and when we are successful, we expect to generate about 15,000,000 in revenues from the partial construction of the power plant in Mardan for fiscal 2009.
About Solargy Systems, Inc.:
Solargy Systems Inc. is a systems integrator of alternative energy technologies. Solargy Systems Inc. also is actively seeking power purchase agreements (PPA) and expects to secure additional PPAs in the months ahead. The technologies used will provide solutions to the high cost of energy in emerging markets by selling and installing small power systems ranging from 1 MW for large commercial applications to 20 MW and larger hybrid systems by using combinations of solar and wind or waste and solar. The combinations used will be determined by local conditions.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although Solargy Systems Inc believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will materialize. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.
Solargy Systems, Inc.
CONTACT: Solargy Systems Inc., C. Michael Nurse, (305) 603-8380,
http://www.solargysystemsinc.com/
