Akeena Solar Expands Operations in Fresno, California.- Hires Team to Lead New Central Valley Operation - LOS GATOS Los Gatos (lôs gä`tōs, lŏs, găt`əs), city (1990 pop. 27,357), Santa Clara co., W Calif.; inc. 1887. It is an affluent residential community and health resort. , Calif. -- Akeena Solar, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AKNS) announced today the company has hired Jeff Brown
Akeena, Brown and Solahart All Valley Energy Systems entered a non-compete agreement assigning Akeena the solar electricity segment and Solahart All Valley Energy Systems the solar pool and solar hot water Solar hot water refers to water heated by solar energy. Solar heating systems are generally composed of solar thermal collectors, a fluid system to move the heat from the collector to its point of usage, and a reservoir or tank for heat storage and subsequent use. segments. Akeena will assume Brown's backlog, which may generate revenues of $2 million to $3 million. Additionally, Akeena is allowed and intends to hire Brown's team of ten solar electric employees formerly with Solahart All Valley Energy Systems. "Akeena has a successful track record of broadening our reach by operating in multiple locations," said Barry Cinnamon, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Akeena Solar. "Jeff Brown, has developed a stellar reputation and client base that mirrors the Akeena standards and culture. Prior to joining Akeena, Jeff operated the leading solar electric, hot water and pool heating business in the Central Valley as Solahart All Valley Energy Systems owner. Now, Jeff will lead Akeena's Central Valley expansion and will have the support of a multi-state company to assist in fulfilling customer demands and to support our growth. According to the California Energy Commission The California Energy Commission is California’s primary energy policy and planning agency. Created in 1974 and headquartered in Sacramento, the Commission has responsibility for activities that include forecasting future energy needs, promoting energy efficiency through , Fresno has been experiencing a 70 percent compounded annual growth rate since 2004 of the photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. market segment. We believe demand in the Fresno area will continue to grow, particularly in light of expected continuing escalation of California electric rates." Akeena will now be ideally located to install solar electric systems in residences and small businesses from a base in Fresno and its surrounding areas. Jeff D. Brown, 44, has 25 years of solar industry experience and will join Akeena as Regional Director, leading the company's expansion initiatives in central California. Brown is on the board of the California Solar Energy Industry Association (CAL SEIA SEIA Solar Energy Industries Association SEIA Sustainable Energy Industry Association (Australia) SEIA Socio-Economic Impact Analysis SEIA Social Enterprise in Action (John F. ) and has been a leader in the state's solar initiatives. "I am ecstatic to join the Akeena team, and my colleagues and I look forward to furthering our operations in the Central Valley area," said Brown. "Akeena has developed a successful business model that I believe creates opportunities to increase market share. In addition, I believe in the next two to three years, Akeena's patent-pending proprietary technology will provide additional cost and aesthetic competitive advantages." Cinnamon concluded, "Akeena will continue to aggressively seek, evaluate and consolidate compelling opportunities to take advantage of the fragmented solar integrator market and drive shareholder value by capitalizing on this growth. As we open more offices, we believe Akeena's strong marketing, consolidated back office operations and greater solar module purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. will deliver long-term operational efficiencies." About Akeena Solar, Inc. Founded in 2001, Akeena Solar's philosophy is simple: We believe producing clean electricity directly from the sun is the right thing to do for our environment and economy. Akeena Solar has grown to become one of the largest national integrators of residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Connecticut and Pennsylvania. For more information, visit Akeena Solar's website at www.akeena.net. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statements made in this release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements can be identified by the use of words such as "expects," "plans" "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the effectiveness, profitability, and marketability of such products, the ability to protect proprietary information, the impact of current, pending, or future legislation and regulation on the industry, the impact of competitive products or pricing, technological changes, the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Akeena Solar assumes no obligation to update any such forward-looking statements. |
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