Sustainable Energy Technologies: Management Change and Sales Update
Sustainable Energy Technologies Ltd. announced that Michael Carten currently Chairman of the Board will replace Sanjay Razdan as Chief Executive Officer of the Company. Mr. Razdan's resignation is effective immediately.
The Company announced that revenues for the nine months ending June 30 2010 totaled $1.3 million of which $817,000 was realized in the last Quarter, including $319,445 in respect of sales of SUNERGY II inverters. Additional information will be available on the release of Third Quarter financial filings prior to the end of this month.
The Company also announced that it is experiencing strong demand for its products in North America and in Europe. However, shortages of certain electronic components will impact its ability to meet this demand for the balance of the calendar year. The Company believes that the shortages will be relieved by the end of the calendar year enabling it to increase production levels in early 2011.
About Sustainable Energy: Sustainable Energy www.sustainableenergy.com designs, manufactures and distributes power inverters for grid-connected solar PV systems. Advanced power inverters are a critical enabler of all modern solar PV power systems converting the direct current ("DC") power output of the solar PV modules into the high quality alternating current ("AC") power required by the power grid. Advanced power inverters also optimize the performance of the solar PV modules and maintain the integrity and safety of the interconnection with the power grid.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, it includes: statements concerning the potential for sales of its products. While management believes these statements to be accurate they are dependent on a wide range of factors beyond management's control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward- looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Sustainable Energy Technologies Ltd.
Chairman & CEO
(403) 508-7177 #111