Open Energy Corporation (OTCBB: OEGY)
Second quarter 2007 sales increase 375% compared to first quarter 2007 Sales
SOLANA BEACH, Calif.–(BUSINESS WIRE)–Open Energy Corp. (OTCBB:OEGY – News) 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.”
About Open Energy
Open Energy Corporation (OTCBB:OEGY – News) 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(TM) 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.
Contact:
Integrated Corporate Relations, Inc.
John Mills, 800-250-2610 (Investor Relations)
jmills@icrinc.com
James McCusker, 203-682-8245 (Media)
jmccusker@icrinc.com
Source: Open Energy Corp.
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