03.05.06

3.5.2006: Meldung: Solco Limited: Third Quarter Cash Flow Report

Solco generated a negative operating cash flow for the 3 months of $606,000. As expected cash receipts for the quarter were lower than the previous quarter as a result of the Christmas closedown.

In addition the final payment from the commissioning of ourMaltese licensee was delayed but has been received during the first half of April.

The company increased its inventory levels of solar modules by approximately $500,000over this period in a strategic move to capitalise on opportunities in a market where supply is scarce.

The Company raised $691,000 after costs during the quarter from the proceeds of a sharepurchase plan and the exercise of options under executive employment arrangements. The share purchase plan that was conducted during February raised $442,000 in cash before costs, which encouraged the Solco board given it occurred during a difficult period when the share price actually dropped below the issue price. The exercise of options also provided $280,000 in cash before costs.

Cash at Bank at the end of the quarter was $1.2m, down from $1.25m at 1st January 2006.

For further information contact:
Dermot Patterson
Chief Executive Officer
Solco Limited
(08) 9334 8100
dpatterson@solco.com.au
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