Vancouver, Canada, February 1, 2017 – Solar Alliance Energy, Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SAN, OTCQB: SAENF) is pleased to provide preliminary results for the Company’s California solar operations for the month ended December 31, 2016. While the Company will record a loss for Q4, it is pleased to announce it will record a profit of approximately $54,226 for the month of December. The positive cash flow result for December is a direct result of the work completed over the course of 2016 to reduce costs and increase margins from residential solar sales.
“Solar Alliance ended 2016 with strong results for the month of December, as we achieved profitability for the month,” said Chairman and CEO Jason Bak. “Throughout the second half of 2016, we were focused on improving our sales margins and streamlining the installation process. These initiatives have resulted in faster build times and increased profit per residential solar sale.”
The following unaudited results for the Solar Alliance U.S. operations are subject to the completion of Solar Alliance’s quarterly closing and review procedures, as well as the regular annual audit by the company’s independent registered public accounting firm, and are therefore subject to change. The results noted below for the month of December 2016 are in U.S. dollars.
|Selected Item||Dec. 2015 (US$)||Unaudited Dec. 2016 (US$)|
|Cost of Goods Sold||$209,342.65||$246,093.46|
|Gross Margin %||17%||45%|
|Net income %||–||13%|
The Company continues to make positive progress on the transaction, announced on January 17, 2017 to sell an interest in various wind assets for $1.35 million to Concord Green Energy. The sale of the wind assets will leave Solar Alliance with an 85% ownership in the Wildmare Wind Energy Project, and solidify the Company’s balance sheet as we expand our U.S. solar operations. Further details regarding the plan of arrangement will be provided when a definitive Transaction Agreement is reached with Concord.
Jason Bak, Chairman and CEO
Solar Alliance Investor Relations
Pinnacle Capital Markets
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”