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Electron Solar Energy Achieves Strong Revenue Growth and Strengthens Balance Sheet in 2007
April 17, 2008
MIAMI--(BUSINESS WIRE)--Electron Solar Energy (OTC:ESRG), an international distributor of alternative energy systems, announced this week its financial results for the year ended December 31, 2007. The Company voluntarily files detailed, quarterly and annual reports, which are available at http://www.pinksheets.com.
Total sales for 2007 were $923,907, representing an increase of 117% compared to $425,942 in 2006. This sales growth is attributed to continued sales from its core battery customers, new sales from free standing solar energy “Kit” systems, and expanding into new territories through international distributor partnerships. Since September 30, 2007, Electron Solar has reduced its accounts payable from $313,460 to $113,457 and retired over $300,000 in long-term debt.
President and CEO of Electron Solar Energy Christopher Quinn, said, “In 2007, we shored up our balance sheet by converting a significant portion of our long-term debt to equity and reducing our payables by nearly two-thirds. We also ended the year with phenomenal revenue growth, tripling sales in the fourth quarter compared to the same quarter of last year. For the year, we are pleased to report continued business development has resulted in annual sales more than doubling sales in 2006. We will continue to see the positive effects of concentrated sales efforts and diversification of our product line with a focus on solar energy kits. During the year, we also added installation services to create a one-stop purchasing shop for solar panels. While that department has not reached its potential as of yet we anticipate installation services, a higher margin business for us, to pick-up significantly during 2008 as we explore new installation opportunities both in the domestic market and abroad.”
Quinn concluded, “With our Q1 2008 acquisition of a wire and cable manufacturing facility with $1 Million in highly profitable annual sales, we expect continued record growth and improved gross margins during 2008. As we previously announced this week, we tripled revenues in the fourth quarter and have entered the first quarter of 2008 with a very strong platform for growth. We expect to publish our first quarter results in early May.”
About Electron Solar Energy
Electron Solar Energy, based in Miami, Florida, is engaged in the international distribution of alternative energy systems. The Company's turnkey solutions provide solar and wind energy generation, as well as energy storage systems sold B2B and B2C worldwide. The Company also sells a proprietary line of sealed batteries, inverters, converters, Solar Panels, Related components, and gas and diesel fuel generators. For more information on the Company, visit www.electronsolarenergy.com.
For investor relations, visit http://www.otcfn.com/esrg.
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