Entech Solar Announces First Quarter 2010 Results and Product Updates.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States, and voted one of "America’s Most Livable Communities. -- Entech Solar, Inc. (OTC OTC
See over-the-counter market (OTC). BB: ENSL ENSL Ecole Normale Supérieure de Lyon (French)
ENSL English as a Second Language .OB) (the "Company," "Entech Solar" or "Entech"), today announced its financial results for the three months ended March 31, 2010.
Solar Concentrator Products: The Company's primary focus continues to be on developing and commercializing our state-of-the-art concentrating photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. ("CPV CPV
canine parvovirus. ") products that can provide electricity in the short term and potentially both electricity and heat in the long term. We believe that providing electricity only and electricity and hot water will give customers energy solutions that are more efficient and cost-effective.
During the first quarter, changing market conditions led us to select our electricity only product SolarVolt[TM] CPV module as the company's top priority in our CPV power products business. Compared to our previous generations of terrestrial CPV technology, SolarVolt[TM] CPV offers substantial benefits in weight, volume, manufacturing scalability, durability, and cost-effectiveness. We plan to begin independent certification testing of SolarVolt[TM] during the summer of 2010, and we hope to have a certified product ready for commercialization in early 2011 to address the rapidly growing photovoltaic market. We may follow SolarVolt[TM] with a new and improved version of ThermaVolt[TM], our electricity and hot water product.
Tubular Skylight skylight
Roof opening covered with translucent or transparent glass or plastic designed to admit daylight. Skylights have found wide application admitting steady, even light in industrial, commercial, and residential buildings, especially those with a northern orientation. Lighting Solution: During the first quarter we launched our patented, state-of-the-art tubular skylight that we believe provides superior light output and optical efficiency for commercial and green building initiatives. We did not generate any revenue in the first quarter and we do not expect to have significant revenues in 2010.
For the three months ended March 31, 2010, the Company's revenues were $15 thousand, compared to $2.0 million for the comparable period in 2009. The Company's gross loss for the three months ended March 31, 2010 was $15 thousand, compared to a gross loss of $6.5 million for the three months ended March 31, 2009. Entech Solar's net loss attributable to common shareholders for three months ended March 31, 2010 was $6.2 million, or $(0.02) per share, compared to a net loss of $16.0 million, or $(0.07) per share, for the comparable period in 2009. As of March 31, 2010, the Company's cash and cash equivalents were $3.9 million.
Since December 31, 2009, we have entered into additional preferred and common stock purchase agreements with The Quercus Trust for an aggregate of $6.9 million. The Quercus Trust is our principal shareholder. David Gelbaum, trustee of The Quercus Trust, is our Chief Executive Officer and Chairman. During the first quarter the Company entered into a preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.
Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. purchase agreement with Socius Capital Group, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control providing for a commitment of $5 million to be funded in one or more tranches Tranches
A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". over the next two years, subject to various conditions precedent, including the effectiveness of a registration statement that was filed with the Securities and Exchange Commission relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc this transaction.
Subsequent to the end of the first quarter of 2010, The Quercus Trust purchased an aggregate of $2.2 million of newly designated Series H preferred stock in two separate closings. As of May 10, 2010, The Quercus Trust beneficially owned approximately 54.1% of the Company's common stock (after giving effect to the conversion of the Series D Convertible Preferred Stock Convertible Preferred Stock
Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". ).
Entech Solar will host a conference call at 11:00 a.m. Eastern on May 17, 2010 to answer questions regarding the Company's first quarter 2010 from those participating on the conference call. The telephone number for the conference call is 866-356-4279 domestically and 617-597-5394 internationally, with conference ID #21648396. A live webcast of the call will also be available on the company's website, www.entechsolar.com.
The webcast will be archived on the site, and investors will be able to access a recording of the conference call for thirty days by calling 888-286-8010 domestically or 617-801-6888 internationally, with conference ID #74142379. The recording will be available two hours after the conference call has concluded.
About Entech Solar
Entech Solar, Inc. is a leading developer of solar energy technologies and sustainable day lighting solutions for the commercial, industrial and utility markets. Entech Solar designs concentrating solar modules that directly produce electricity from sunlight as part of the SolarVolt[TM] product line. The Company also manufactures and markets the Entech[TM] Tubular Skylight, a state-of-the-art tubular skylight that provides superior light output and optical efficiency for the commercial and industrial green building initiatives. For more information, please visit www.entechsolar.com.
Forward Looking Statements
Except for historical information contained herein, this document contains forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934. Such statements, identified by words like "plan," "believe," "intend," "expect," "anticipate" and similar words, include statements about the Company's product development, certification and commercialization plans, future revenues, strategic goals, and value to customers. These forward looking statements involve known risks and uncertainties that may cause actual results to differ materially from such forward looking statements. Factors that may cause such differences include the fact that the Company operates in an industry where stock prices are volatile; results of operations may be influenced by regulatory changes and other factors beyond the Company's control; the Company has and may continue to experience cash flow difficulties; the Company is rapidly working to develop its technology; and other risks set forth in the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q, each as filed with the Securities and Exchange Commission. In assessing forward looking statements readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission. If any such risks actually occur, they could materially adversely affect the Company's business, financial condition or results of operations. In that case, the trading prices of the Company's common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward looking statements, which speak only as of the date made. Forward looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future and such information may not be appropriate for other purposes. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward looking statements to reflect any change in expectations or any change in events, conditions or circumstances on which any such statement is based, expect as required by law.
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