Today ECOtality Incorporated announced that it will host a shareholder update conference call on Monday, April 7, 2008. The call will be hosted by: Jonathan Read, President and CEO of ECOtality; Barry Baer, CFO of ECOtality; Don Karner, President and CEO of eTec; and Darrell Musick, President and CEO of Innergy Power. It will take place at 4:15 p.m. The main topics of the call will be Ecotality’s annual financial statements for 2007, which were filed with the SEC on March 31, 2008, and updates on general business developments for 2008 and beyond.
The company grabbed headlines several times this year for their renewable and clean electric technologies and the acquisitions of Innergy Power Corporation, Electric Transportation Engineering Corporation (eTec), and Minit-Charger. With the revenues of these subsidiaries, ECOtality finished the fourth quarter with revenues of $2.3 million and revenues for the year of $2.6 million.
This year marked the successful completion of ECOtality’s transition from a development-stage company to a revenue-generating and diversified renewable energy company. This was a goal that the company aimed to complete by the end of 2007, which they met with success. Their next goal is to be cash flow positive in 2008. With more than $11.7 million in total assets and projected revenues of over $10 million, management believes that this goal is also easily attainable.
President Jonathan Reed commented on the results when they were filed earlier in the week by saying, “We began 2007 as a developmental company that was purely focused on advancing our hydrogen generation system, Hydrality. Now, through several key acquisitions, we have diversified our technology portfolio to mitigate the risks of being solely dependent upon the hydrogen technology sector and have a variety of electrocentric products and technologies that are positioned for strong and immediate commercial growth in various rapidly growing alternative energy markets.”
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